BANKS AND TRUST COMPANIES 435

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.
See Art. 13, sec. 11, as the legal half-holiday on Saturdays.

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

1937, ch. 302.

95. 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
one hundred per cent (100%) of its required capital, after providing
for expenses, 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 one hundred per
cent (100%) of 'its capital shall thereafter be reimbursed from its net
earnings, and no 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 sec-
tion 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.

96. 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 95 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 95 is subsequently made good;
and if the directors shall knowingly pay any dividend when the corpora-
tion is insolvent or in danger of insolvency, or not having reason to believe
that there were sufficient net profits or surplus properly applicable thereto
to pay the same without impairing or diminishing the said capital and
surplus, otherwise than is authorized in Section 95 of this Article, they
shall be jointly and severally liable to the creditors of the corporation at
the time of declaring such dividends to double the. amount thereof.

Director's liability, if any, held to be asset of bank and enforceable by receiver only.
Duvall v. Robinson et al., Daily Record, Feb. 8, 1940.

An. Code, 1924, sec. 72. 1912, sec. 69. 1910, ch. 219, sec. 68 (p. 29).

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, guar-
dian, 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, administrator, guardian or trustee shall be subject
to the liability imposed 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 neces-