A. W. BRADFORD, ESQUIRE, GOVERNOR.

the contracting of a greater debt shall have been
previously authorized by a. law of this State, and
in case of excess, the Directors under whose ad-
ministration 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, or their heirs, exe-
cutors, 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

39

and execution, any condition, covenant, or agree-
ment to the contrary notwithstanding ; but no-
thing herein contained shall be construed to ex-
empt the said corporation, or the lands, tenements,
goods and chattels of the same from being also
liable for, and chargable with the said excess, and
such of the said Directors who may have been ab-
sent 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
forthwith giving notice of the fact, and of their
absence or dissent, to the Governor of this State,
and to the stockholders at a general meeting

Construction.

which they shall have power to call for that, pur-
pose; and provided, nothing herein contained shall
be so construed as to confer the power upon the
President and Directors to pay interest beyond
three per cent, per annum upon monies deposited
in said Institution.

Proviso.

Article 8. The President and a majority of the
Directors shall Constitute a Board for the trans-
action of business, but ordinary discounts may be
made by the President and a majority of the Di-
rectors; in case of sickness or necessary absence of
the President his place may be supplied by the
Board of Directors.

Board for the
transaction of
business; dis-
counts, &c.

Article 9. Half yearly dividends shall be made
to the stockholders of so much of the nett 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 stockholders
shall, in general meeting, 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 the Directors
present at tEe making or declaring such dividend

Dividends.