J. MILLARD TAWES, Governor                      349

the federal reserve system, and as a stockholder of any federal re-
serve bank, [and the withdrawal of such banking institution as a
member or stockholder of said fund or funds or Corporation or Cor-
porations] and the powers hereby conferred may be exercised from
time to time as [from time to time] such action may be approved by
the vote of a majority of the board of directors of such banking
institution.

[89.

Notwithstanding anything in this article contained, any banking
institution which is a member of the federal reserve system, shall not
be required to keep any reserve or reserves other than those required
and prescribed for banking institutions which are members of said
federal reserve system.]

95.

The board of directors of a bank or trust company may with the
prior consent and approval of the Commissioner declare a cash divi-
dend from so much of its net profits or DECLARE A CASH DIVI-
DEND FROM SO MUCH OF ITS UNDIVIDED PROFIT AND,
WITH THE PRIOR CONSENT AND APPROVAL OF THE
COMMISSIONER, from its surplus in excess of one hundred
per cent (100%) of its required capital, after providing for ex-
penses, losses, interest and taxes accrued or due from said bank
or trust company, as they shall deem expedient. Any losses sustained
in excess of any undivided profits may be charged to its surplus ac-
count; provided, that its surplus fund, if at any time below one hun-
dred per cent (100%) of its capital shall thereafter be reimbursed
from its net earnings, and no cash dividends shall be declared or paid
in excess of ninety per cent of its net earnings, unless or until its
surplus fund shall be fully restored to the amount of one hundred
per cent (100%) of its capital as required by the provisions of this
article. For the purposes of this section the term "bank" shall in-
clude savings institutions having a capital stock.

[97.

Stockholders of every bank and trust company shall be held indi-
vidually responsible equally and ratably, and not one for another, for
all contracts, debts and engagements of every such corporation, to
the extent of the amount of their stock therein, at the par value
thereof, in addition to the amount invested in such stock. Persons
having stock entered on the books of the corporation in their names
as executor, administrator, guardian, trustee or pledgee shall not be
personally subject to any liability on such stock, but the one pledging
stock, and the estate and funds in the hands of such executor, ad-
ministrator, guardian or trustee shall be subject to the liability im-
posed upon the holders of said shares; and the liability of such
stockholders shall be an asset of the corporation for the benefit
ratably of all the depositors and creditors of any such corporation, if
necessary to pay the debts of such corporation, and shall be enforce-
able only by appropriate proceedings by a receiver, assignee or trustee
of such corporation acting under the orders of a court of competent
jurisdiction. Nothing in this section or article shall be construed to
repeal or affect the existing rights of creditors or liabilities of stock-
holders of any trust company under the existing law at the time of
the passage or taking effect of this article.