THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1855.

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

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

CHAP. 313

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

pose; and provided, nothing herein contained, shall be

Int. on deposites

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 twelve directors shall

Board for business

constitute a hoard for the transaction of business, but

ordinary discounts may he granted as the by-laws

may direct; and in case of sickness or necessary

Abscence of Presi-

absence of the president, his place may be supplied

dent

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

shall nominate, for the purpose.

AET. 9. But until the sum of two hundred and

Commence opera-tion

fifty 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

President and Di-rectors restricted

the president and directors of said bank in their cor-

from holding stock

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.

ART. 10. Half yearly dividends shall be made to

Dividend

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

months of July and January; and if the directors shall

Liability of Direc-

at any time wilfully and knowingly, make or declare

tors

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