The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1850-03-30

10Th. The President and Directors may
call general meeting of the Stockholders
! for any purpose relative 10 the Institution,
: giving at least six weeks notice in all the
newspapers published in Cecil county
aforesaid, specifying in such notice the OBJ
jcct or objects Of such meeting, and anv
number of Stockholders not lea, than
twenty, who together shall be proprie-
tors OF not less than two hundl ed shares,
may at any time apply to the President
and Directors to call general meeting OF
the Stockholders for any purpose relative
to the institution, and If the President and
! Directors shall refuse to call such meet
ing, the same humble: of Stoc kholdcrs of
not less than the aforesaid number of
shares, shall have power to call general
meeting OF the Stockholders, giving at
least thirty days notice in all the newspa-
pers printed in SAID County, and specify
ing in such notice the Object or obj ects Of
such meetings.
18th. 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
halt yearly in the months Of May and No
vember, and payable in the months of
June and December in every year, as
shall from time to time be determined by
majority OF the directors of meeting 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 be impair
ed by dividends, and at the expiration of
any threeyears dividend ofsurplus profits
may be made, but the directors shall then
be at liberty to retain at least one per cent
Tor the time being as 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 Stockholders
antrcedent to the annual election, TO be
made out and kept in tho Bank for the IN
Spection Of Stockholders between the time
of such dividends being declared, and each
annual election.
18th. If the Directors shall willuly
and knowingly make or declare any dvi-
dend which shall impair the capital stock,
all the Directors present at the making or
dec airing such dividend and consrniins
thereto, shall be liable IN their individual
capacities and property TO the corporation
Tor the amount or proportion of the said
capital stock SO divided by the directors,
and each director who shall be present at
the making or declaring such dividend,
shall be deemed to have consented thereto
unless he shall Immediately enter his dis
sent IN writing, on the minutes of the pro-
ceedings Of the board.
10Th. The shares OF stock shall be trans
ferable on the books of the bank only in
person or by power Of attorney, but all
debts actually due and payable to the SAID
bank by the Stakeholder requiring trans
fer must be satisfied before such a transfer
shall be made, unless the President and
directors shall direct otherwise.
10Th. The lands. tenements, heredita.
ments which il shall be lawful for the
corporation to hold, shall he only such as
shall be requisite Tor their immediate ac-
COMMUNICATION in relation to the convenient
transaction OF their business. and such as
shall have been bona tide mortsagrd or
conveyed to them BY way of security, or
in satisfaction Of debts contracted in the
course Of their dealings or purchase at
sales upon Judgments, which shall have
been obtained for such debts and the total
amount of debts which the said CORPORA
zion shall at any time owe, whether bv
bond, bill, note or contract, shall not cI-
coed double the amount OF the capita
stock actually paid INTO lh~ bank, provid-
ed, that the money depoUted in the said
bank for sale keeping, shall not be eonsid-
cred as the debts of the bank within the
provisions OF this clause, unless the con-
tracing of any greater debt shall have
been previously authorized BY law of this
State.
18th. All bills and notes which mavb
ISSUED BY order of the said corporation,
signed BY the Preslden and countersgned
by the Cashier thereof, promising the
payment of money TO any person Of per
soma, his, her or their order, or to bearer.
though not under seal Of the SAID corpora
ton, shall be binding and obligatory upon
the same in like manner, and with the
like fo:ce and effect, as upon any private
person or persons, if Issued by him or them
in his or their private capacity or capaci-
tics, and shall be assignabe and nesotia-
Bile in like manner as if they were so is
sued by such private person or persons,
that is to say thos- which shall be paya-
bic to any person or persons, his, her or
their order, shall be assignabIe by an en-
dorsement in like manner and with like
effect as foreign bills Of exchange now
are, and those which are payab!. 10 bear
err shall be negotiable or assignable by de-
livery only. .r. 49,
Sec. 10. And b it enacted, That no!ll-
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