JOHN WALTER SMITH, ESQ., GOVERNOR.

paid upon such terms, at such time and in such instalments
as may be approved by said corporation; to loan and borrow
money for any of the corporate purposes of said corporation;
receive money on deposit; to have discretionary power to
invest at its pleasure its capital and its increment thereof; and
all moneys received in the course of its business transactions
and to take, have, hold and enjoy all such estates, real or
personal, as may be obtained with the moneys aforesaid; and
to execute, acknowledge and deliver all deeds and legal
papers, and any instalments concerning the same; to collect
ground rents, interest on mortgages, dividends and incomes
of all kinds, and to have management and custody of all kinds
of property on such terms as it may arrange.

979

SEC. 10. And be it enacted, That the corporation shall have
power to act as the fiscal or transfer agent of any State, muni-
cipality, body politic or corporate, and in such capacity to
receive and disburse money and transfer, register and coun-
tersign certificates of stock, bonds or other evidences of indebt-
edness, and to receive and manage any sinking fund of any
corporation, on such terms as may be agreed upon.

Power to act
as fiscal or
rausfer agent.

SEC. 11. And be it further enacted, That ten (10) days
notice shall be given by publication in one or more newspapers
published in Baltimore City of the time and place of all annual
or special meetings of stockholders.

Publish notice
of annual
meetings.

SEC. 12. And be it further enacted, That the directors shall
have power to declare such dividends of profits of the said
corporation as they may deem proper; provided that no divi-
dend shall be declared when the capital stock would be im-
paired thereby.

SEC. 12A. Provided that said corporation shall be subject
at all times to the provisions of the Acts of eighteen ninety-
two, Chapters 109 and 279, or amendments or supplements
thereto.

SEC. 13. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 10, 1900.

CHAPTER 624.
AN ACT to incorporate the American Trust and Investment
Company.

Dividends.