336

LAWS OF MARYLAND.

ated, or who may have dissented from the resolution

or act, whereby the same was created, may respec-

How exonerate

tively exonerate themselves from being so liable, by

forthwith giving notice of the fact, and of their ab-

sence 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.

ART. 7. The president, and such number of direc-

tors as shall be prescribed by the by-laws of the bank,

shall constitute a quorum for the transaction of busi-

Quorum.

ness; and in case of sickness or necessary absence of

the president, his place may be supplied by the vice-

president, or, in his absence, by a director appointed

by the board of directors as president pro tempore.

ART. 8. Half yearly dividends shall be made to the

Dividends—

stockholders, of so much of the net profits of the cor-

when made and

poration as shall appear to the president and directors

payable

advisable and such dividends shall be declared in the

months of June and December, and shall be paid not

later than on the second Monday of the ensuing

month after they are declared; and if the president

and directors shall at any time wilfully and know-

ingly make or declare any dividends which shall im-

pair the capital stock, the president and all the direc-

Penalty.

tors present at the making or declaring of such divi-

dends, and consenting thereto, shall be. liable, in their

individual capacities, to the corporation for the amount

or proportion of the said capital stock so divided by

the president and directors; and the president and

Officers present

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 dissent in writing on the minutes of the proceed-

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

holders that such dividend has been declared.

ART. 9. No director shall be entitled to receive any

emolument for his services unless the same shall have

Compensation
to directors, &c

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

president for his extraordinary attendance at the bank

as shall appear to them reasonable.

ART. 10. The president and directors of the corpo-

ration may at any time call a general meeting of its

Meetings— how

stockholders for any purpose relative to the corpora-

called.

tion, giving at least six weeks notice in two or more

daily newspapers printed in Baltimore city, and any