ART. 23.] DIVIDENDS—LOANS—CALLS. 303

1868, ch. 471, sec. 62.

67. If the trustees, managers or directors of any such corpo-
ration shall declare and pay any dividend when the corporation is
insolvent, or any dividend, the payment of which would render
it insolvent, or would diminish the amount of the capital stock,
they shall be jointly and severally liable for all the debts of the
corporation then existing, and also for all that shall thereafter be
contracted, while they shall respectively continue in office, even
although the whole amount of the capital of said corporation has
been paid in.

Ibid. sec. 63.

68. If any of the trustees, directors or managers of such cor-
poration shall object to declaring such dividend, or to the pay-
ment of the same, and having voted against the declaration
thereof, shall at any time before the time fixed for the payment
of the same, record a certificate of their objection in writing with
the clerk of the court in which the original certificate of incor-
poration is filed, they shall be exempt from the liability imposed
in the preceding section.

Ibid. sec. 64.

69. No loan of money shall be made by any such corporation
to any stockholder therein; and if any such loan shall be mode
to any stockholder, the officer or officers who shall make it, or
who shall assent thereto, shall be jointly and severally liable for
all the debts of the corporation contracted before the making of
the said loan to the extent of double the amount of said loan;
this section shall not, however, apply to any building or home-
stead association, or any association for the loan of money on real
or personal property, or to any savings institution.

Matthews v. Albert, 24 Md. 527.

Ibid. sec. 65.

70. The trustees, directors or managers of any corporation
created under this article, and having a capital stock, may call in
and demand from the stockholders, respectively, all sums of
money by them subscribed, at such times and in such payments
and instalments as the trustees, directors or managers may deem
proper, under the penalty of forfeiting the shares of stock sub-
scribed, and all previous payments made thereon, if payment