THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

or within this State, or of the United States of Ameri-

CHAP. 341.

ca.

ART. 7. The president and seven directors shall

Board

constitute a board for the transaction of business, but

ordinary discounts may be granted as shall he provi-

ded by the by-laws, and in case of sickness or neces-

President pro. tem.

sary absence of the president, his place may be sup-

plied by a director, whom he by writing under his

hand, shall nominate for the purpose.

ART. 8. But until the sum of forty thousand dollars

Sum to be sub-

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

scribed

in the possession of the president and directors of said

hank, as part of its capital stock, and the same shall

have been certified to the treasurer of the Western

Shore of Maryland, by such persons as he shall appoint

to ascertain and report said facts, it shall not be law-

ful for the said president and directors to make any dis-

counts, nor to issue any note of said corporation.

ART. 9. Half yearly dividends shall be made to the

Dividends

stockholders of so much of the nett profits of the bank,

as shall appear to the president and directors advisa-

ble, and if the directors shall at any time wilfully and

Individual liability

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 proportion of the

said capital stock to divided by the directors, and each

director who shall be present at the making or declar-

ing of such dividend, shall be deemed to have consent-

ed thereto, unless he shall immediately enter his dis-

Exoneration

sent in writing, on the proceedings of the board, and

give public notice to the stockholders that such divi-

dend has been declared.

ART. 10. No director shall be entitled to receive any

Of emoluments of

emolument for his services, unless the same shall have

directors

been allowed at a general meeting of the stockholders,

but the directors shall make such compensation to the

Compensation to

president for his extraordinary attendance at the bank,

president

as shall appear to them reasonable.

ART. 11. That the president and directors of this

Meeting of stocks.

bank, may at any time call a general meeting of its

holden