1835.

LAWS OF MARYLAND.

may direct; and in case of sickness or necessary

CHAP. 298

Vacancy

absence of the president, his place may be supplied

by a director, whom he by writing under his hand,

shall nominate for the purpose, and the business of

said bank shall be transacted at its banking house,

which shall be unalterably established and situated on

Fell's Point.

Commence opera-

ART. 9. But until the sum of one hundred and twen-

tion

ty five thousand dollars in gold and silver coin, shall

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

Western 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 direc-

tors to issue any note of said corporation; nor shall

the president and directors of said bank in their cor-

porate capacity have the power to hold any part of the

capital stock thereof, nor make any loans on a pledge

of said stock, or receive the same as collateral security

for money loaned or advanced thereupon, except for

bad or doubtful debts previously contracted.

Dividends

ART. 10. Half yearly dividends shall be made to

the stockholders of so much of the net profits of the

bank as shall appear to the president and directors

advisable, and such dividends shall be declared in the

months of June and December, and be paid in the

Liability of Direc-

months of July and January; and if the directors shall

tors

at any time wilfully and knowingly, make or declare

any dividend which shall impair the capital stock, all

the directors present at the making or declaring

such dividend, and consenting thereto, shall be liable

in their individual capacities to the corporation, for

the amount or proportion of the said capital stock so

divided by the directors, and each director who shall

be present at the making or declaring of such divi-

dend, shall be deemed to have consented thereto, un-

less he shall immediately enter his dissent, in writing,

on the minutes of the proceedings of the board, and

give public notice to the stockholders that such divi-

dend has been declared.