BANKS. 29

66. The board of directors of a bank or trust company
may declare a dividend from so much of its net profits, after
providing for all expenses, losses, interest and taxes accrued or
due from said bank or trust company, as they shall deem expe-
dient; but before any such dividend is declared, not less than
one-tenth of the net profits for the preceding half year, or for
such period as is covered by the dividend, shall be carried to a
surplus fund, until such surplus fund shall amount to 20 per
cent, of the capital stock. Any losses sustained in excess of its
undivided profits may be charged to its surplus account; pro-
vided, that its surplus fund shall thereafter be reimbursed from
its net earnings, and no dividends shall be declared or paid in
excess of one-half of its net earnings, unless or until its surplus
fund shall be fully restored to the amount of 20 per cent, of its
capital as hereby required.

67. No dividend shall be paid to any stockholder of a bank
or trust company hereafter incorporated until the capital stock
has been fully paid in, and no dividend shall thereafter be
declared or paid by the directors except out of the net profits
properly applicable thereto, and which shall not in any way
impair or diminish the capital; and if any such shall be paid,
every stockholder receiving the same shall be liable to restore
the full amount thereof, unless the capital is subsequently made
good; and if the directors shall pay any dividend before the
capital stock is fully paid in, or shall pay such dividend when
the corporation is insolvent or in danger of insolvency, or not
having reason to believe that there were sufficient net profits
properly applicable thereto to pay the same without impairing
or diminishing the capital, they shall be jointly and severally
liable to the creditors of the corporation at the time of declar-
ing such dividends to double the amount thereof.

68. Stockholders of every bank and trust company shall be
held individually responsible, equally and ratably, and not one
for another, for all contracts, debts and engagements of every
such corporation, to the extent of the amount of their stock
therein, at the par value thereof, in addition to the amount
invested in such stock. Persons having stock entered on the
books of the corporation in their names as executor, adminis-
trator, guardian, trustee or pledgee, shall not be personally
subject to any liability on such stock, but the one pledging
stock, and the estate and funds in the hands of such executor,
administrator, guardian or trustee shall be subject to the lia-
bility imposed upon the holders of said shares; and the liability
of such stockholders shall be an asset of the corporation for the
benefit ratably of all the depositors and creditors of any such
corporation, if necessary to pay the debts of such corporation,
and shall be enforceable only by appropriate proceedings by a