ROBERT M. McLANE, ESQUIRE, GOVERNOR.

461

discretion, remove them from office; to take bonds for

said corporation from any or all of the officers and em-

ployees of said corporation for the faithful discharge

of their duties.

SEC. 8. The president and four directors shall con-

stitute a board and quorum for the transaction of busi-

ness, and in case of sickness or necessary absence

Who consti-

of the president, his place may be supplied by the

tutes a quorum.

vice-president, or, in his absence, by a director ap-

pointed by the board of directors as president pro

tempore.

SEC. 9. Half-yearly dividends shall be made to the

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

poration as shall appear to the president and directors

advisable, and such dividends shall be declared in the

Dividends —

months of January and July, and shall be paid no

when declared.

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 knowingly

make or declare any dividends which shall impair the

capital stock, the president and all the directors pres-

ent at the making or declaring of such dividends, and

consenting thereto, shall be liable in their indvidual

Who is liable.

capacities to the corporation for the amount or pro-

portion of the said capital stock so divided by the

president and directors; and the president and such

director who shall be present at the making or de-

claring of such dividends 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.

SEC. 10. No director shall be entitled to receive any

emolument for his services, unless the same shall have

been allowed at a general meeting of the stockholders ;

Emolument -—
how allowed.

and the directors shall make such compensation to the

president for his extraordinary attendance at the bank

as shall appear to them reasonable.

SEC. 11. The president and directors of the corpora-

tion may at any time call a general meeting of its

stockholders for any purpose relative to the corpora-

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

Who to call

daily newspapers printed in Baltimore city; and any

a general meet-
ing.

number of stockholders, owning not less than one fifth

of the stock of the corporation, may at any time apply

to the said president and directors to call a general