BANKS AND TRUST COMPANIES. 147

however, that in case of loans made under the authority of said advisory
boards and executive committees the same shall be reported to the Board

of Directors at its next meeting. All loans to officers, directors or em-
ployees of any bank or trust company shall be subject to the limitations
imposed by Section 67 of this Article. For the purposes of this section,
the term "bank" shall include savings institutions having a capital stock.

1931, ch. 152.

69A. Nothing in any law of this State shall in any manner whatsoever
affect the validity of, or render void or voidable, the payment, certification
or acceptance of a check or other negotiable instrument or any other
transaction by a bank or trust company in this State, because done or
performed on any Saturday between twelve o'clock noon and midnight,
provided that such action be during the customary business hours of said
bank and that said bank is actually open for business and provided such
payment, certification, acceptance, or other transaction would be valid
if done or performed before twelve o'clock noon on such Saturday", pro-
vided further, that nothing herein shall be construed to compel any bank
or trust company in this State, which by law or custom is entitled to close
at twelve o'clock noon on any Saturday, to keep open for the transaction
of business or to perform any of the acts or transactions aforesaid, on
any Saturday after such hour except at its own option.

An. Code, 1924, sec. 70. 1912, sec. 67. 1910, ch. 219, sec. 66 (p. 29).
1933, ch. 528, sec. 70.

70. The Board of Directors of a bank or trust company may declare a
dividend from so much of its net profits or from its surplus in excess of
twenty per cent. (20%) 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 account; provided,
that its surplus fund, if at any time below twenty per cent. (20%) of
the required capital, shall thereafter be reimbursed from its net earnings,
and no dividends shall be declared or paid in excess of one-half of its net

earnings, unless or until its surplus fund shall be fully restored to the
amount of twenty per cent. (20%) of its capital as required by the pro-
visions of this Article. For the purposes of this section the term "bank"
shall include savings institutions having a capital stock.

An. Code, 1924, sec. 71. 1912. sec. (68. 1910, ch. 219, sec. 67 (p. 29).
1933, ch. 528. sec. 71.

71. No dividend shall be declared or paid by the directors except out
of the net profits or surplus in excess of its required capital properly
applicable thereto, as provided in Section 70 of this Article, and if any
such dividend shall be paid, every stockholder receiving the same shall
be liable to restore the full amount thereof, unless the capital and the
surplus to the extent required by Section 70 is subsequently made good;
and if the directors shall knowingly pay any dividend when the corpora-