E. LOUIS LOWE, ESQUIRE, GOVERNOR.
635
ART. 7. The total amount
of the debts which any of the
said corporations shall at any time owe, exclusive of its
issues or note usually denominated bank notes, whether
by bond, bill, note or other contract, shall not exceed
the amount of the capital actually paid into the said
bank; Provided, that the money deposited in the said
bank for safe keeping, shall not be considered as the
debts of the bank within the provisions of this clause,
unless the contracting of a greater debt shall have been
previously authorised by a law of this State; and in
cases of excess, the directors under whose administration
it shall happen shall be liable for the same, in their
natural and private capacities; and an action may, in
such cases, be brought against them, or any of them,
or their heirs, executors or administrators, in any court
of record of this State, by any creditor or creditors of
said corporation, and may be prosecuted to judgment
and execution, any condition, covenant or agreement
to the contrary notwithstanding; but nothing 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 said directors who may
have been absent when the excess was created, or
who may have dissented from the resolution or act,
whereby the same was created, may respectively exonerate
themselves from being so liable, by forthwith giving
notice of the fact, and of their absence or dissent, to the
Governor of this State, and to the stockholders at a
general meeting, which they shall have power to call
for that purpose; And provided, nothing herein contained
shall be so construed, as to confer the power
upon the president and directors to pay interest beyond
three per cent. per annum, upon monies deposited in
said institution.
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Debts.
Provisoes.
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ART. 8. The president and
a majority of the directors
shall constitute a board for the transaction 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 writing under his hand, shall nominate
for the purpose.
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Board.
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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
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Dividends.
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80
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