1835.

LAWS OF MARYLAND.

CHAP. 317.

so construed as to confer the power upon the president

and directors to pay interest upon monies deposited in

said institution.

Pres. and Director: constitute a board

ART. 7. The president and seven directors shall

constitute a hoard for the transaction of business, but

ordinary discounts may bo granted as shall he provided

President pro tem

by the by-laws, and in case of sickness or necessary

absence of the president, his place may he supplied

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

shall nominate for the purpose.

Requisite to com-mence operation

ART. 8. But until the sum of four hundred thousand dollars 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 its 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 discount nor to issue any note of said corporation.

Dividends

ART. 9. 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

Liability of Direc-

advisable, and if the directors shall at any time wil-

tors

fully 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 pro-

portion of the said capital stock so divided by the di-

rectors, and each director who shall be pressnt at the

making or declaring of such 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 public notice to the

stockholders that such dividend has been declared.

Emolument to directors

ART. 10. No director shall be entitled to receive

any emolument for his services, unless the same shall

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.