THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

venant or agreement, to the contrary notwithstanding,

but nothing herein contained shall be construed to ex-

CHAP. 289

empt the sard corporation, or the lands, tenements,

goods, chattels and effects of the same from being also

liable for, and chargeable with, the said excess; and

such of the. said directors who may have been absent

when the said excess was created, or who may have

dissented from the resolution or act whereby the same

was created, may respectively exonerate themselves

from being so liable, by forthwith giving notice of the

fact; and of their absence or dissent, to the governor

of the State, and to the stockholders, at a general meet-

ing which they shall have power to call for that pur-

pose; and provided, nothing herein contained, shall be

Int- on deposite

so construed as to confer the power upon the president

and directors to pay interest upon monies deposited in

said institution.

ART. 8. The president and seven directors shall

Board for business

constitute a board for the transaction of business, but

ordinary discounts may be granted as shall be provi-

ded by the by-laws; and in case of sickness or neces-

Vacancy

sary absence of the president, his place shall be sup-

plied by a director, whom he hy writing under his

hand, shall nominate for the purpose.

ART. 9. But until the sum of six hundred thousand

Commence opera-

tion

dollars in gold and silver coin, shall have been paid to

and be in the possession of the president and directors

of said bank, as part of its capital stock, and the same

shall have been certified to the Treasurer of the Wes-

tern Shore of Maryland, by such persons as he shall

appoint to ascertain and report said facts, it shall not

be lawful for the said president and directors to make

any discounts nor to issue any note of said corpora-

tion; nor shall the president and directors of said bank

make any loans on a pledge of the stock of said bank,

nor in their corporate capacity have the power to hold

any part of the capital stock, thereof, except for the

purpose of securing bad or doubtful debts previously

contracted.

ART. 10. Half yearly dividends shall be made to

Dividends

the stockholders of so much of the net profits of the