|
|
thereafter, and elect another person, president for the
residue of the year.
Eleventh. No director shall be entitled to receive
any emolument for his services as director, unless the
same shall have been allowed at a general meeting of
the stockholders.
Twelfth. The president and directors may call a
general meeting of the stockholders for any purpose
relative to the institution, giving at least six weeks
notice in all the newspapers published in Cecil coun-
ty, aforesaid, specifying in such notice the object or
objects of such meeting, and any number of stock-
holders, not less than twenty, who, together, shall be
proprietors of not less than two hundred shares, may
at any time apply to the president and directors to
call a general meeting of the stockholders, for any
purpose relative to the institution, and if the, presi-
dent and directors shall refuse to call such, meeting
the same number of stockholders, of not less than the
aforesaid number of shares, shall have power to call,
a general meeting of the stockholders, giving at least,
thirty days notice in all the newspapers printed in said-
county, and specifying in such notice, the object or
objects of such meetings.
Thirteenth. The dividends of the profits of the said
corporation, or of so much of the said profits as shall
be deemed expedient and proper to divide, shall be
declared half yearly, in the months of May and No-
vember, and payable in the months of June and De-
cember, in every year, as shall from time to time be
determined by a majority of the directors of a meet-
ing to be held for that purpose, and shall, in no case,
exceed the nett profits acquired by the corporation, so
that the capital stock of said corporation shall never
he impaired by dividends, and at the expiration of
every three years, a dividend of surplus profits may
be made, but, the directors shall then be at liberty to
retain at least one per cent, for. the time being, as a
fund for future contingencies; it shall be the duty of
the president, to cause a correct statement of all the
surplus profits remaining in the bank, not divided
among the stock holders antecedent to the annual elec-
tion, to be made out and kept in the bank for the in-
spection of stockholders, between the time of such
dividends being declared, and each annual election.
Fourteenth. If the directors shall wilfully and know-
ingly make or declare any dividend which shall im-
pair the capital stock, all the directors present at the
making or declaring such dividend, and consenting
|
CHAP. 506.
Fundamental
articles.
|
|
