THOMAS W. VEAZEY, ESQUIRE, GOVERNOR

1836.

ing, but nothing herein contained shall be construed
to exempt the said corporation, or the lands, tenements,
goods, chatties and effects 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

CHAP. 225.

As well as cor-

porate

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 the
State, and to the stockholders at a general meeting,
which they shall have power to call for that purpose;

Method to ex-
onerate

and provided, nothing herein contained shall be so con-
strued as to confer the power upon the president and
directors to pay interest upon monies deposited in said
institution.

Prohibition

ART. 8. The president and seven directors shall con-
stitute a board for the transaction of business, but or-
dinary discounts may be granted as shall be provided

Quorum

by the by-laws; and in case of sickness or necessary
absence of the president, his place may be supplied by
a director whom he, by writing under his hand, shall
nominate for the purpose.

President pro

ART. 9. But until the sum of sixty thousand dollars
at least shall have been paid to and be in the posses-
sion of the president and directors of the said bank, in
gold and silver coin as part of its capital stock, and
the same shall have been certified to the Treasurer of
of the Western Shore of Maryland, by such persons as
he shall appoint to ascertain and report said facts, sup-
ported by the affidavit of the cashier of said bank that
such coin is bonafide the property of said bank, or part
of its capital stock, it shall not be lawful for the said
president and directors to make any discount, nor to
issue any note of said corporation.

Prerequisite to
operating

ART. 10. It shall not be lawful for the president
and directors of said bank, in their corporate capacity,
to make any loans on a pledgeof the stock of said bank,
nor to hold any part of the capital stock thereof except
for the purpose of securing bad or doubtful debts pre-
viously contracted.

Shall not make
loons, &c, on
pledge of stocks

ART. 11. Half yearly dividends shall be made to the
stockholders of so much of the nett profits of the bank
as shall appear to the president and directors advisable,

Dividends