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the provisions of this section unless the contracting of a
greater debt shall have been previously authorized by a law
of the State, and in case of excess, the directors under
whose administration it shall happen shall be liable for the
same in their natural and private capacity, and action may
in such cases be brought against them or any of them, or
their heirs, executors or administrators, in any court of
record in this State by any creditor or creditors of said
corporation, (and may be prosecuted to judgment and execu-
tion, any condition, covenant or agreement to the contrary
notwithstanding); but nothing herein contained shall be
construed to exempt the said corporation or the lands, tene-
ments, goods and chattels of the same, from being also
liable for and chargeable with the said excess; and such of
the directors as may have dissented from the resolution or
act whereby the said excess was created, or who may have
been absent when the same was made, may respectively
exonerate themselves from being so liable, by forthwith
giving notice of the fact and of their absence 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.
SEC. 14. And be it enacted, That half-yearly dividends
shall be made to the stockholders of so much of the net
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CHAP. 135
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profits of the corporation 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 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 shall be liable in their
individual capacities for the amount or proportion of the
capital stock so divided by the directors, and each director
shall be deemed to have consented thereto unless he shall
immediately enter his dissent in writing on the minutes of
the proceedings of the board, and give notice to the stock-
holders that such dividends have been declared.
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Half-yearly
dividends to
be made.
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SEC. 15. 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
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Board for the
transaction
of business.
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