480

LAWS OF MARYLAND.

any election, and transferred on the books of the
corporation.

Cannot be a
director in an-
other bank.

SEC. 11. And be it enacted, That no director
of this corporation shall be at the same time a
director of any other bank in this state.
SEC. 12. And be it enacted, That the treasurer
of the state shall be furnished with a statement

Statement
shall be fur-
nished.

of the amount of the capital stock of the cor
poration, of the value of the real estate held by
the corporation, and of the amount and value of
the public or other stock owned by the corpora-
tion; said statement to be made once a year, and
to show the condition of the corporation in said
particulars as they may appear at the close of
the business transaction of the day in the set-
tlement thereof, on the first Monday in January;
such statements in all cases to be verified by the
oath of the president or cashier of the corpora-
tion.

Dividends.

SEC. 13. And be it enacted, That half-yearly
dividends shall be made to the stockholders of
so much of the net profits of this corporation as
shall appear to the president and directors ad-
visable. Such dividends shall be declared in
the months of March and September, and shall
be payable on the second Monday of the en-
suing month ; and if the directors shall at any
time wilfully and knowingly make or declare
any dividend which shall impair the capital
stock, all of the directors present at the making

Liability.

or declaring of such dividends 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 declaring of such dividend shall be deemed
to have consented thereto unless he shall im-
mediately enter his dissent, in writing, on the
minutes of the proceedings of the board, and
give public notice to the stockholders that such
dividend has been declared.

Board for
transaction of
business.

SEC. 14. 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
granted by three directors; and in case of sick-
ness or absence of the president, the vice-presi-