1835.

LAWS OF MARYLAND.

CHAP. 314

director, whom he by writing under his own hand

shall nominate for that purpose.

Requisite to com-

ART. 9. Until the sum of one hundred thousand dol-

mence operation

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

and he in the possession of the president and directors

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

shall have been certified to the treasurer of the West-

ern 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 notes of said corpora-

Restricted from

tion; nor shall the president and directors of said bank

holding stock

in their corporate capacity, have power to hold any

part of the capital stock thereof, except such as they

may acquire in consequence of bad or doubtful debts,

previously contracted; but they shall at no time, nor

under any pretence, make any discount or loan, on a

pledge of the said stock, or receive the same as colla-

teral security for any money loaned or advanced.

Dividends

ART. 10. Half yearly dividends shall be made

to the stockholders of so much of the nett profits of

the bank, as shall appear to the president and di-

rectors advisable, and such dividends shall be de-

clared in the months of June and December, and

Liability of Direc-

paid in the months of July and January, and if the

ton

directors shall at any time knowingly and willfully

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,

and each of them shall in their or his individual capa-

cities or capacity be liable to the corporation for the

amount or proportion of the said capital stock so di-

vided by the directors, and each director who shall be

present at the making or declaring of sach dividend

shall be deemed to have consented thereto, unless he

shall immediately enter his dissent in writing on the

minutes of the proceedings of the board, and give pub-

lic notice to , the stockholders, that such dividend has

been declared.

Emolument to

ART. 11. No director shall be entitled to receive

directors

any emolument for his services unless the same shall

have been allowed at a general meeting of the stock-