28

BANKS. [ART. 12.

Ibid s.10.
Distribution of
assets in case
oi suspension.

34. If the said corporation shall, at any time, sus-
pend its payments, the assets which said corporation
may hold or be in any wise entitled to at the time
of such suspension of payment, shall be rateably dis-
tributed to and among all the persons who shall be its
creditors at such time, and to their assigns respectively.

Ibid. s. 11.
Stockholders
liable to the
amount of their
stock.

35. The continuance of the said several corporations
shall be on the condition that the stockholders and
directors of each of said corporations shall be liable to
the amount of their respective share or shares of stock
in such corporation, for all its debts and liabilities
upon note, bill or otherwise; and upon this further
condition, that this act and every part of it may be
altered from time to time, or repealed, by the legis-
lature.

Ibid, s 12.
Existing banks
may avail of
these provis-
ions.

36. The provisions of this act, so far as may be ap-
plicable in their privileges and restrictions to any and
all banks now existing under charter from the general
assembly of Maryland, may be availed of by said bank
or banks.

Ibid. s. 13.
Suspension of
business.

37. If the president and directors should, at any
time, suspend the active business operations or work-
ings of any banking institution incorporated under this
act, other than as now legally provided for, and a ma-
jority of the stockholders, in general meeting assem-
bled, determine to close its banking operations, thence-
forth it shall not be lawful for such corporation to
resume the exercise of its banking powers and fran-
chises, but the same shall be closed, and after the pay-
ment of its debts and liabilities, the remaining assets
and property of such corporations shall be divided
among the stockholders or their assigns.

Approved and in force April 4, 1870.