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498
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LAWS OF MARYLAND.
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erate themselves from being so liable by forthwith
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giving notice of the fact and of their absence or dis-
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sent to the governor of this state, and to the stock-
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holders at a general meeting which they shall have
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power to call for that purpose.
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SEC. 16. And be it enacted, That half-yearly divi-
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dends shall be made to the stockholders of so much of
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Dividends —
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the net profits of the corporation as shall appear
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when they are
made payable.
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advisable to the president and directors; such divi-
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dends shall be declared in the months of June and
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December, and shall be paid on the second Monday
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of the ensuing month after they are declared; and if
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the directors shall at any time wilfully and knowingly
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make or declare any dividend which shall impair the
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capital stock, all the directors present at the making
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or declaring such dividend and consenting thereto
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Penalty
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shall be liable in their individual capacities for the
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amount or proportion of the capital stock so divided
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by the directors, and each director who shall be pre-
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sent at the making or declaring of such dividend shall
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Officers present
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be deemed to have consented thereto, unless he shall
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immediately enter1 his dissent in writing on the min-
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utes of the proceedings of the board, and give public
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notice to the stockholders that such dividend has been
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declared.
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SEC. 17. And be it enacted, That the president and
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a majority of the directors shall constitute a board for
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the transaction of the business of the corporation, but
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the ordinary discounts may be made or granted by the
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Board for busi-
ness.
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president and two directors; and in case of sickness
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or necessary absence of the president of the bank his
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place may be supplied by a member of the board,
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whom the president, by writing, shall select or appoint
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as president pro tempore during such absence.
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SEC. 18. And be it enacted, That no director shall
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be entitled to receive any pay or emolument for his
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services, unless the same shall have been allowed at a
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Compensation
to director
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general meeting of the stockholders, nor shall the
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president be entitled to receive any pay or emolument
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for his services, unless the same shall have been allowed
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at a general meeting of the stockholders.
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SEC. 19. And be it enacted, That the president and
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directors of the corporation may at any time call a
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Meetings—
how called."
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general meeting of the stockholders for any purpose
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relative to the institution, giving at least two weeks'
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notice by advertisement in some newspaper published
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