PRIVATE ACTS. 1277

Article 7. The total amount of the debts which the said cor-
poration shall at any time owe, exclusive of its issue or notes,
usually denominated bank notes, whether by bond, bill, note or
other contract, shall not exceed the amount of capital actually
paid into the said bank; provided, that the money deposited in
said bank for safe keeping shall not be considered as the debts
of the bank within the provisions of this clause, unless the con-
traction of a greater debt shall have been previously author-
ized 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 an action
may, in such cases, be brought against them, or any of them,
their heirs, executors or administrators, in any court of record
of this State, by any creditor or creditors of said corporation,
and may be prosecuted to judgment and execution, any condi-
tion, 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 said directors who may have been
absent when the said excess was created, or who may have dis-
sented 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 or dis-
sent to the Governor of this State, and to the stockholders at a
general meeting, which they shall have power to call for that
purpose.

Article 8. The president and a majority of the directors shall
constitute a board for the transaction of business, but ordi-
nary discounts may be made by the president and an executive
committee of not less than three directors, and in case of sick-
ness or necessary absence of the president, his place may be
supplied by a director, whom he by writing, under his hand,
shall designate for the purpose.

Article 9. Dividends shall be made to the stockholders of so
much of the net profits of the corporation as shall appear to the
president and directors advisable, and such dividends shall be
declared at such fixed times as the directors shall determine,
and shall be paid within thirty days 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 directors present at the making or declaring such
dividend, and consenting thereto, shall be liable in their in-
dividual capacities to the corporation for the amount or pro-
portion of the said capital stock so divided by the directors, and
each director who shall be present at making or declaring of