HENRY LLOYD, ESQUIRE, GOVERNOR.

to exempt the said corporation's land, tene-
ments, goods and chattels of the same, from
being also liable for and chargeable with the
said excess; and such of the said Directors as
may have been absent when the said excess
was created, or who may have dissented from
the resolution or act whereby the same was
created, may respectively exonerate them-
selves from being so liable by forthwith giv-
ing notice of the fact, and of their absence
or dissent, to the Governor of the State, and
to the stockholders, at a general meeting, which
they shall have power to call for that purpose.

SEC. 16. And be it enacted, That a half yearly
dividend shall be made to the stockholders, of
so much of the net profits of the said corpora-
tion, as shall appear advisable to the President
and Directors; such dividend shall be declared
in the months of June and December, and
shall be paid on the second Monday of the en-
suing month after they are declared, and if

671

the Directors shall at any time wilfully and
knowingly make or declare any dividends
which shall impair the capital stock, all the
Directors present at the making or declaring
such dividend and consenting thereto, 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 present at the making or declar-
ing of such dividend shall be deemed to have
consented thereto, unless he shall immedi-
ately enter 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 Presi-
dent and a majority of the Directors shall

Dividends.

constitute a Board for the transaction of the
business of the corporation, but the ordinary
discounts may be made or granted by the
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

Board of di-
rectors.