PRIVATE ACTS. 1281

poration may hold, or be in any wise entitled to at the time of
such suspension of payment, shall be ratably distributed to and
amongst all persons who shall be its creditors at such rime, and
to their assigns respectively.

SEC. 8. And be it enacted, That the continuance of the said
corporation shall be on the condition that the stockholders
thereof shall be liable to the amount of their respective share or
shares of stock in such corporation, for all its debts and liabili-
ties, upon note, bill or otherwise; and upon the further condi-
tion, that no director or other officer of said corporation shall
borrow any monies from said corporation or endorse any bill,
bond, promissory note or other evidence of indebtedness pay-
able to said corporation; and if any director or other officer
shall be convicted upon indictment, of directly or indirectly
violating this section, he shall be punished by fine or imprison-
ment, at the discretion of the court, and upon this further con-
sideration, that this Act and every part of it may be altered
from time to time or repealed by the Legislature.

SEC. 9. And be it enacted, That if the president and directors
or a majority of the stockholders, in general meeting assembled,
of the banking institution incorporated under this Act, shall at
any time determine to close its banking operations, thenceforth
it shall not be lawful for such corporation to resume the exer-
cise of its banking powers and franchises, but the same shall be
closed and after the payment of its debts and liabilities, the re-
maining assets and property of the corporation shall be divided
among the stockholders or their assigns.

SEC. 10. Be it enacted, That the continuance of said corpora-
tion be on this further condition, that the stockholders thereof
shall, at a general meeting called by the directors on at least
sixty days' notice after the passing of this Act, assent to and
adopt this Act by the vote of a majority of the stock repre-
sented at any such meeting in person or by proxy, which assent
and adoption shall be certified by a majority of the directors,
under the seal of the corporation, be transmitted to the clerk of
the Court of Appeals, and be by him recorded among the records
of his office; and thereupon this Act shall be held and taken
and be in force and effect.

Approved April 6, 1908.

CHAPTER 392.

AN ACT to repeal and re-enact with amendments section 2 of
chapter 141 of the Acts of the General Assembly of Mary-
land of the session of 1898, entitled An Act to revive and re-