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shall at any time owe, exclusive of its issues or
notes, whether by bill, bond, note or contract,
shall not exceed the actual amount of the capi-
tal stock actually paid in; provided, that money
deposited at 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 the state; and in case of
excess the directors, under whose administra-
tion it shall happen, shall be liable for the same
in their natural and private capacities, and ac-
tion 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 cor-
poration, and may be prosecuted to judgment
and execution, any condition, covenant, or agree-
ment to the contrary notwithstanding; but
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Amount of
indebtedness
not to exceed
capital stock.
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nothing herein contained shall be construed
to exempt the said corporation, 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 themselves from
being so liable by forth with giving notice of the
fact and of their absence or dissent to the gov-
ernor 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
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Not exempt.
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much of the net profits of the said corporation
as shall appear advisable to the president and
directors ; such dividend shall be declared in the
months of January and July, and shall be paid
on the second Monday of the same month they
are declared; and if 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,
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Dividends.
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