|
|
SEC. 14. And be it enacted, That the total amount of the
debts which the said corporation shall at any time owe, exclu-
sive of its issue of notes, whether by bill, bond, note or con-
tract, shall not exceed the amount of the capital stock actually
paid in, provided that money deposited in the bank for safe
keeping shall not be considered as debts of the bank within
the. provisions of this section, unless the contracting of a
greater debt shall have been previously authorized by a law of
this State; and in cases of excess, the directors under whose
administration it shall happen, shall be liable for the same in
their natural and private capacities, 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 execution, any condition,
covenant or agreement to the contrary notwithstanding); but
nothing herein contained shall be construed to exempt the
said corporation, or the lands, tenements, 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 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 themselves from being so liable, by
forthwith giving notice of the fact and of their absence ot
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.
|
Limit to
debts.
|
|
|
|
SEC. 15. And be it enacted, That half yearly dividends shall
be made to the stockholders of so much of the net profits of
the corporation as shall appear advisable to the president and
directors; such dividends 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
director shall at any time wilfully and knowingly make of
declare any dividend which shall impair the capital stock, all
the directors present at the making or declaring such divi-
dends and consenting thereto, shall be liable in their individ
ual 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 declaring of such dividend, shall
be deemed to have consented thereto, unless he shall iminedi-
ately enter his dissent in writing on the minutes of the proceed-
ings of the board, and give public notice to the stockholder
that such dividend has been declared.
|
Dividends.
|
|
