JOHN WALTER SMITH, ESQ., GOVERNOR.

borrow money for any of the purposes, and to carry out any
of the powers by this Act given by the pledge or upon the
security of any stocks, bonds, notes or other choses in action,
claims or any instrument in writing, or lands, or an}7 interest
therein, or any other lawful security or property whatever.

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SEC. 9. And be it further enacted, That said company be
and is hereby authorized and empowered to issue certificates
of the matured value of one hundred dollars, and to sell
the same and take in payment therefor a single cash payment,
or real property, or cash instalments, upon such terms and
conditions to be prescribed upon the face of said certificates
as may be agreed upon by the said company; and the pur-
chasers thereof, and the amount of all instalments paid on
account of said certificates, shall be endorsed thereon, and
bear interest from the date of said payments at such rate not
greater than six per centum per annum, as is thereon spec-
fied; and the said company shall be and is hereby author-
ized to contract and agree upon the face of said certificate
to pay, at such times and places as it may deem expedient
to the holders thereof, when fully paid in and matured, in
addition to the aforesaid interest, a certain part of the net
profits of said company accumulated throughout the time
during which payments were made on account thereof; and
said certificates shall be deemed and construed as contracts
between the holders thereof and said company, and all claims
arising by virtue of them shall be and are hereby constituted

May issue
certificates.
Payment
in cash
instalments.

claims to be preferred to the claims of the holders of the
capital stock of said company, and no holder of any said cer-
tificates shall be liable in his person or property for any debt,
contract or engagement of said company, but the money,
property rights and credits of said company, and nothing
more, shall be liable for the same.

Inability of
holders of
certifcates.

SEC. 10. And be it further enacted, That it shall be the
duty of the directors of said company to lay before the stock-
holders once in each year, at a general meeting, or a special
meeting called for that purpose, an exact statement of its
assets and liabilities, and generally the affairs of said com-
pany; provided, that said corporation shall be subject at all
times to the provisions of the Acts of eighteen hundred and
ninety-two, Chapters one hundred and nine and three hundred
and seventy-nine, or amendments or supplements thereto.

SEC. 11. And be it further enacted, That the General
Assembly of Maryland reserves the right to repeal, alter or
annul this Act at its pleasure.

Directors shall
make annual

statement.