746

LAWS OF MARYLAND.

this State; and in case of excess, the directors

under whose administration it shall happen shall

How liable.

be liable for the same in their natural and private

capacities, and action may in such cases be brought

against them, or any of them, or their heirs, ex-

ecutors or administrators, in any court of record

in this State, by any creditor or creditors of said

corporation, and may be prosecuted to judgment

and execution, any condition, covenant or agree-

ment to the contrary notwithstanding; but noth-

ing herein contained shall be construed to exempt

the said corporation, or the lands, tenements, goods

and chattels of the same, from being also liable

for and chargeable with the said excess ; and such

of the directors as may have been absent when

the said excess was created, or who may have dis-

sented from the resolution or act whereby the

How exon-
erated.

same was created, may respectively exonerate

themselves from being so liable by forthwith giv-

ing notice of the fact, and of their absence or dis-

sent, to the Governor of this State, and to the

stockholders, at a general meeting, which they

shall have power to call for that purpose.

SEC. 16. And be it enacted, That half-yearly

dividends shall be made to the stockholders of so

much of the net profits of the corporation as

shall appear advisable to the president and di-

Half-yearly

rectors. Such dividend shall be declared in the

dividends.

months of June and December, and shall be paid

on the second Monday of the ensuing months

after they are declared ; and if the directors shall

at any time wilfully or knowingly make or declare
any dividend which shall impair the capital stock,

all the directors present at the making or de-

claring such dividends, and consenting thereto,

shall be liable in their individual capacities for the

amount or proportion of the capital stock so di-

vided by the directors; and such director who

shall be present at the making or declaring such

dividend shall be deemed to have consented there-

Enter dissent.

to, unless he shall immediately enter his dissent in

writing on the minutes of the proceedings of the

board, and give public notice to the stockholders

that such dividend has been declared.