THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

of Maryland, by such persons as he shall appoint to

CHAP. 315.

ascertain and report said facts, it shall not be lawful

for the said president and directors to make any dis-

count nor to issue any note of said corporation; nor shall

Restricted from

the president and directors of said bank in their cor-

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 any money loaned or advanced thereupon, except for

the purpose of securing bad or doubtful debts previ-

ously contracted.

ART. 10. Half yearly dividends shall be made to

Dividends

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-

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, to

the amount or proportion of the said capital so

divided by the directors, and each director who shall

he present at the making or declaring of such divi-

dend, shall he 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.

ART. 11. No director shall be entitled to receive

Emolument to

any emolument for his services, unless the same shall

directors

have been allowed at a general meeting of the stock-

holders; but the directors shall make such compensa-

tion to the president, for his extraordinary attendance

at the bank, as shall appear to them reasonable.

ART. 12. That the commissioners above named, un-

Meeting of stock-

til said bank shall be organized, or thereafter, the pre-

holden

sident and directors of this bank, may at any time call

a general meeting of its stockholders, for any purpose

relative to the institution, giving at least four weeks'

Notice

notice in two or more daily newspapers in the city of