The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1870-05-26

'lo cVuhltion " tilF curpordilAn IN lue Salu
parLieal lars as they may appear at the close
OF the business transactions of the day in
settlement thereof, on the first Monday of
January. and the first Monday Of July,
and each of the said corporations shall
publish said statement so made to the
Treasurer, in at least one of the daily news.
papers published in the City of Baltimore,
II the corporation be located in said city,
or in newspaper published IN the county
IN which the corporation may be located if
not located in said city, said statements in
all cases to be verified by the oath or affirm.
aticn of the President or Cashier Of the
corporation.
ARTICLE v.
The Issues or notes, usually denominated
bank notes, which il shall be lawful for the
corporation to issue, shall not at any time
exceed the amount Of its capital stock actu.
ally paid in, and no note shall be issued of
less amount or denomination than five
dollars, nor Of any amount intermediate
between five and ten dollars. and the Gen.
eral Assembly may at any time restrict the
issue of such notes, both in the amount
which may be issued and in the denomina.
ton Of thE Hotes.
ARTICLE VI.
The President, each Director, Cashier
and Treasurer, before he enters upon the
duties Of his Office, shall take the following
oath or affirmation, as the case may be; ~
do swear or affirm, that will faithfully,
impartlally, diligently and honestly execute
the duties OF - agreeably to the provisions
Of law and the trust imposed in me, to the
best Of my skill and judgment"
ARTICLE VII.
The total amount of the debts which any
Of the said corporations shall at any time
owe, exclusive Of its issues or notes, usually
denominated bank notes, whether by bond,
bill, note or other contract, shall not exceed
the amount of capital actually paid into the
said bank provided, that the money de.
posted in the said bank for safe keeping.
shall not be considered as the debts OF the
bank within the provisions of this clause.
unless the contracting of a greater debt
shall have been previously authorized by a
law of his State, and in cases of excess, the
Directors under whose administration it
shall lappen, shall be liable for the same
in their natural aud private capacities, and
au action may in such cases be brought
against them or any of thsm. or their heirs,
executors or administrators, in any Court of
Record in this State by any creditor or
creditors of said corporation, and may be
prosecuted to Judgment and execution, any
condition, covenant or agreement to the
contrary notwithstanding, but tnothing herein
contained shall he construed to exempt III e
said corporation, or the lands, tenements,
goods and chattels Of the same from being
also liable for and ehargeable with the said
excess, and such 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 them.
selves from being so liable by forthwith civ.
ing notice of the fact, and Of their absence or
dissent to the Governor of this State, aud TO
the stockholders at a general meeting which
they shall have powerto callfor that purpose.
ARTICLE VIII.
The President and majority of the Di.
rectors shall constitute a Board for the
transaction of business, and in the event of
the election of one of the Directors elect, to
the Office Of President, then in that case the
President and three Directors shall cousti.
tute Board and quorum for the transaction
ofbusiness generally, but ordinary discounts
may be made by the President and three
DIRECTORS, or majority Of any Board OF
Directors, and in case of sickness or neces
sary absence Of the President, his place
may be supplied by D Director, whom he,
by writing under his hand, shall nominate
for the purpose.
ARTICLE TX.
Half yearly dividends shall be made to
the stockholders of SO much of the net
profits Of the corporation, as shall appear
10 h. L. n. l.
and such dividends shall be declared in the
months Of June and December, and shall
be paid on the second Monday of the ensuing
month after they are declared, and if the
Directors shall at any time wilfully and
knowingly make or declare any dividend,
which shall impair the capital stock, all the
Directors present at the making or declaring
such dividend, and consenting thereto, shall
be liable in their individual capacities to the
corporation, for 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 Of such
dividend, shall be deemed TO have consented
thereto, unless he shall Immediately enter
his dissent in writing on the minutes of the
proceedings Of the board, and give public
notice to the stockholders that such dividend
has been declared.
ARTICLE X.
No Director shall be entitl d to receive
any emolupept for his services, ualess the
same shall nave been allowed at general
meeting Of the stockholders, and the Direc.
tors shall make such compensation to the
President for bis extraordinary attendance
at the bank, as shall appear to them reason.
able.
ARTICLE xI.
The President and Directors of the corpo,
ration uay at aiy time call general meet.
ing of its stockholders for any purpose rel.
alive to the institution, giving at least six
weeks notice in two or more daily newspa
pers printed in Baltimore c; y, If the corpo
ration be located in said city, or in news
paper printed 10 the county town Of the
county in which the corporation may be
located, if not located in the said city, and
any number Of stockholder oynipg not less
than one-6fth of the stock OF the corporation,
mag at any time apply to the said President
and Directors to call general meeting Of
the stockholders for any purpose relative TO
the institltion, and If the President and
Directors shall refuse to call such meeting,
the said number of stockholders, proprie
tors Of not less than the aforesaid number
Of shares, shall have power to cali gener-
oil meeting of the stockholders, giving notice
as aforesaid, and specifying in such notice
the objects Of such meeting and il is hereby
made theduty Of the President and Directors
of saiS Bank, upon the application Of any
ten stockholders for that purpose, to give
such stockholders full list Of the names Of
all the stockholders in said bank.
ARTICLE XII.
1 Every Cashier or Treasurer before he en-.
ters upon the duties of his Office shall be re
CURED to give bond, with two or more Sc.
curities, to the satisfaction Of tbe President
and Directors, in SUN not less than fifty
thousand dollars for the larger banks, nor
less than twenty thousand dollars for those
banks whose capitals do not exceed three