1835.

LAWS OF MARYLAND.

relative to the institution; and if the president and di-

CHAP. 318.

rectors shall refuse to call' such meeting, the said

number of stockholders, proprietors of not less than

the aforesaid number of shares, shall have power to

Notice

call a general meeting of the stockholders, giving at

least sixty days notice in the several newspapers

printed in Washington county, and in two daily news-

papers printed in the city of Baltimore, and specifying

in such notice the object or objects of such meetings.

Dividends

ART. 18. The dividend of the profits of the said cor-

poration or of so much of the said profits as shall be

deemed expedient and proper to divide, shall be declar-

ed half yearly, in the months of May and November

and payable in the months of June and December, in

every year, as shall from time to time, be determined

by a majority of the directors, at a meeting to be

held for that purpose, and shall in no case, exceed the

net profits actually acquired by the corporation, so

that the capital stock of the corporation shall never

be impaired by dividends; and at the expiration of ev-

ery three years, a dividend of surplus profits shall be

made, but the directors shall then he at liberty to re-

tain at least one per cent, for the time being, as a

Statement of profits

fund for future contingencies; it shall be the duty of

to be made

the president to cause a correct statement of all the

surplus profits remaining in the bank, not dividend

among the stockholders antecedent to the annual elec-

tion, to he made out and kept in the bank for the in-

spection of stockholders, between the time of such di-

videndbns being declared, and each annual election.

Liability of Direc-

ART. 13. If the directors shall wilfully or knowing-

tors

ly 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 declar-

ing 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.