282

LAWS OF MARYLAND.

of business, but ordinary discounts may be made

by the president and five directors, or a majority

of any board of directors ; and in case of sickness

or necessary absence of the president, his place

may be supplied by a director, whom he, by writ-
ing under his hand, shall nominate for the purpose.

Dividends.

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

the stockholders of so much, of the net profits of

the corporation as shall appear to the president

and directors advisable, and such dividends shall

be declared at such fixed times as the stockholders

shall in general meeting determine, and shall be

paid within thirty days after they are declared;

and if the directors shall at any time wilfully and

knowingly make or declare any dividend which

shall impair the capital stock, all the directors pre-

sent at the making or declaring1 such dividend,

Liable in

and consenting thereto, shall be liable in their

individual ca-

individual capacities to the corporation for the

pacities

amount or proportion of the said capital stock so

divided by the directors, and each director who

shall be present at the making or declaring of

such dividend shall be deemed to have consented

thereto, unless he shall immediately enter his dis-

sent in writing on the minutes of the proceedings.

of the board, and give public notice to the stock-

holders that such dividend has been declared.

ART. 10. No director shall be entitled to receive

Emolument

any emolument for his services unless the same

or compensa-
tion not al-

shall have been allowed at a general meeting of
the stockholders, and the directors shall make such

lowed.

compensation to the president for his extraordi-

nary attendance at the bank as shall appear to

them reasonable.

ART. 11. The president and directors of the cor-

Call general
meeting of
stockholders.

poration may at any time call a general meeting of
its stockholders for any purpose relative to the in-
stitution, giving at least six weeks' notice in a

newspaper printed in Hagerstown, Washington

county, and any number of stockholders owning

not less than one-fifth of the stock of the corpo-

ration may at any time examine the books, papers

and accounts of such corporation, or may apply to