1835.

LAWS OF MARYLAND,

CHAP. 320.

year, as shall from time to time be determined by s.

majority of the directors at a general 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

every three years, a dividend of surplus profits shall

be made, hut the directors shall then be at liberty to

retain at least one per centum, for the time being, as

a fund for future contingencies; and it shall be the du-

ty of the president to cause a correct statement of all

the surplus profits remaining in the bank, not divided

among the stockholders, antecedent to the annual elec-

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

spection of the stockholders, between the time of such

dividends being declared, and each annual election.

Liability of Direc-

ART. 15. If the directors shall wilfully and know-

tors

ingly make or declare any dividend which shall impair

the capital stock, all the directors present, making or

declaring such dividend and consenting thereto, with

a knowledge of its so impairing the capital stock, shall

be liable in their individual capacity to the corpora-

tion for the amount or proportion of the said capital

stock so divided by the directors, and each director

who shall bo present at the making or declaring such

dividend, with a knowledge of the said capital stock

being impaired thereby, shall be deemed to have con-

Exoneration

sented thereto, unless he shall immediately enter his

dissent in writing on the minutes of the proceedings of

the board.

Transferable

ART. 16. The shares of stock shall be transferrable

on the books of the bank only, in person or by power

of attorney, but all debts actually due and payable to

the said bank, by a stockholder requiring a transfer,

must be satisfied before such transfer shall be made,

unless the president and directors shall otherwise di-

rect.

[ ] &c.

ART. 17. The lands, tenements and hereditaments,

which it shall be lawful for the corporation to hold,

shall be only such as shall be requisite for their ac-

commodation, in relation to the convenient transaction

of their business, and such as shall have been bona fide