JAMES THOMAS, ESQUIRE, GOVERNOR.

1834.

of the said directors, who may have been absent 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
drssent, to the governor of the State, and to the stockhold-
ers at a general meeting, which they shall have power to
call for that purpose and provided nothing herein contained
shall be so construed as to confer the power upon the Pre-

CHAP. 310.

sident and Directors to pay interest upon monies deposited
in said institution

Intent on deposits

forbid

Article 8 — The president and eight directors shall con-
stitule a board for the transaction of business but ordinary
discounts may be done by the Pesident and five directors,
and in case of sickness or necessary absence of the Presi-
dent, his place may be supplied by a director, whom he,
by wilting, under his hand, shall nominate for the pur
pose

Article 9 — But until the sum of five hundred thousand
dollars, in gold and silver coin, shall have been paid to, and
be in the possession of the President and Directors of said
Bank, as part of its capital stock, and the same shall have
been certified to the Treasurer of the Western Shore of
Maryland, by such persons as he shall appoint to ascertain

Space required

before operating

and report said facts, it shall not be lawful for the said pre
sident and directors to make any discounts, nor to issue any
note of said corporation, nor shall the president and direc-
tors of said Bank, in then corporate capacity, have the
power to hold any part of the capital slock thereof, nor
make any loans on a pledge of said stock, or receive the
same as collateral security, for any money loaned or advanc-
ed thereupon, except for bad or doubltul debts previously
contracted

Holding stock for

bid

Article 10— Half yearly dividends shall be made to the,
stockholders of so much of the net profits of the Bank as
shall appeal to the president and directors advisable, and
such dividends shall be declared in the months of June and
December, and paid in the months of July and January,
and if the directors shall, at any time, wilfully and know
ingly make or declare any dividend which shall impair the
capital stock, all the directors present at the making or de
claring such dividend, and consenting thereto, shall be lia-
ble, in their individual capacities, to the corporation, for the
amount or propottron of the sail capital stock, so divided
by the directors and each director who shall be present at

Dividend.