1200                      LAWS OF MARYLAND.                   [CH. 480

the corporation plus the amount of its issued capital stock, and
no such corporation shall redeem any shares of its own stock
unless the assets of the corporation remaining immediately
after such redemption shall be not less than the debts of the
corporation plus the amount of its issued capital stock (ex-
clusive of the stock so redeemed). If any such purchase or
redemption is made in violation of this paragraph the persons
receiving payments therefor shall severally be and remain liable
to the corporation or its receiver, trustee or other person wind-
ing up its affairs to the extent of the payments to them respec-
tively for the debts of the corporation existing at the time of
such payments, or, in the case of a purchase out of surplus
created by a reduction of the amount of issued capital stock
under Section 32, for the debts of the corporation existing at
the time of such reduction as provided in Section 32.

(8) Nothing in this section shall be taken or construed as
limiting or affecting the liability of stockholders in banking,
safe deposit, trust or loan corporations.

87. First: If any of the trustees, managers or directors of
any such corporation shall, knowingly or without making rea-
sonable inquiry, vote for, or assent to, the declaration of any
dividend when the corporation is insolvent, or any dividend,
the payment of which would render it insolvent, or would di-
minish the amount of the capital stock, and such dividend or
any part thereof shall be paid, they shall be jointly and sever-
ally liable to the extent of such payment for all the debts of the
corporation then existing, but a dividend from the surplus or
the net profits of the corporation as determined in accordance
with good accounting practice shall not be deemed to diminish
the amount of the capital stock.

Second: If any loan of money shall be made by any corpor-
ation to any stockholder or director therein, the officer or
officers or director or directors who shall make it or assent there-
to shall be jointly and severally liable for all the debts of said
corporation to the extent of the loss that may result from such
loan; but this paragraph second shall not apply to any building
or homestead association, or any corporation whose principal
business under its charter is to loan money on real or personal
property, or to any corporation receiving and authorized to re-
ceive money on deposit or to any life insurance company lend-
ing money to any of its policyholders on their policies.