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Session Laws, 1884 Session
Volume 424, Page 498   View pdf image (33K)
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498

LAWS OF MARYLAND.


erate themselves from being so liable by forthwith


giving notice of the fact and of their absence or dis-


sent to the governor of this state, and to the stock-


holders at a general meeting which they shall have


power to call for that purpose.


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


dends shall be made to the stockholders of so much of

Dividends —

the net profits of the corporation as shall appear

when they are
made payable.

advisable to the president and directors; such divi-


dends shall be declared in the months of June and


December, and shall be paid on the second Monday


of the ensuing month after they are declared; and if


the directors shall at any time wilfully and knowingly


make or declare any dividend which shall impair the


capital stock, all the directors present at the making


or declaring such dividend and consenting thereto

Penalty

shall be liable in their individual capacities for the


amount or proportion of the capital stock so divided


by the directors, and each director who shall be pre-


sent at the making or declaring of such dividend shall

Officers present

be deemed to have consented thereto, unless he shall


immediately enter1 his dissent in writing on the min-


utes of the proceedings of the board, and give public


notice to the stockholders that such dividend has been


declared.


SEC. 17. And be it enacted, That the president and


a majority of the directors shall constitute a board for


the transaction of the business of the corporation, but


the ordinary discounts may be made or granted by the

Board for busi-
ness.

president and two directors; and in case of sickness


or necessary absence of the president of the bank his


place may be supplied by a member of the board,


whom the president, by writing, shall select or appoint


as president pro tempore during such absence.


SEC. 18. And be it enacted, That no director shall


be entitled to receive any pay or emolument for his


services, unless the same shall have been allowed at a

Compensation

to director

general meeting of the stockholders, nor shall the


president be entitled to receive any pay or emolument


for his services, unless the same shall have been allowed


at a general meeting of the stockholders.


SEC. 19. And be it enacted, That the president and


directors of the corporation may at any time call a

Meetings—
how called."

general meeting of the stockholders for any purpose


relative to the institution, giving at least two weeks'


notice by advertisement in some newspaper published



 
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Session Laws, 1884 Session
Volume 424, Page 498   View pdf image (33K)
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