JAMES THOMAS, ESQUIRE, GOVERNOR.

1833.

meeting to be held for that purpose, and shall in no case,
exceed the nett profits actually acquired by the corporation,
so that the capital stock of the corporation shall never be
impaired by dividends, and at the expiration of every three
years, a dividend of surplus profits shall 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

CHAP. 98.

Contingencies

statement of all the surplus profits remaining in the bank,
not divided among the stockholders, antecedent to the an-
nual election, to be made out and kept in the bank for. the
inspection of the stockholders, between the lime of such
dividends being declared, and each annual election.

Account of surplus

15th. If the Directors shall willfully and knowingly make
or declare any dividend which shall impair the capital
stock, all the Directors present, making or declaring such
dividend and consenting thereto, with a knowledge of its so
impairing the capital stock, shall be liable in their indivi-
dual capacity to the corporation for the amount or proper-
tion of the said capital stock so divided by the Directors,
and each Director who shall be present at the making or
declaring such dividend, with a knowledge of the said cap-
ital stock being impaired thereby, shall be deemed to have
consented thereto, unless he shall immediately enter his dis-
sent in writing on the minutes of the proceedings of the
board.

Liability in case of
unfair dividends

16th. The shares of stock shall be transferable on the
books of the Bank only, in person or by power of attor-
ney, but all debts actually due and payable to the said bank
by a stockholder requiring a transfer, must be satisfied, be-
fore such transfer shall be made, unless the President and
Directors shall direct otherwise.

Transfers

17th. The lands, tenements and hereditaments, which it
shall be lawful for the corporation to hold, shall be only
euch as shall be requisite for their accommodation in rela-
tion to the convenient transaction of their business, and
such as shall have been bona fide mortgaged or conveyed
to them by way of security or in satisfaction of debts con-
tracted in the course of their dealings or purchased at sales
upon judgments or decrees which shall have been obtain-
ed for such debts or against their debtors, and the total
amount of debts, which the said corporation, shall at any
time owe, whether by bond, bill, note or contract shall not
exceed double the amount of the capital stock, actually
paid into the Bank by the Stockholders; provided, that the

Limitation of estate