THOMAS SWANN, ESQUIRE, GOVERNOR. 213
and regularly and promptly paid to the Company
by consumers on any claim thereon which shall
have been earned during the year, but no person
or firm shall receive a dividend on bills so paid,
unless such dividends shall amount to ten dollars
or more, and all such dividends less than ten dol-
lars shall be credited of the reserved fund, herein-
before mentioned. |
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Sec. 12. And be it enacted, That should the
losses and expenses of the Company in any one
year exceed the earned premiums of that year, and
the whole amount of the reserved fund belore accu-
mulated, the capital stock shall be deemed to be
deficient to the amount of such excess, in case of
such deficiency the Directors shall have power to
levy an assessment on the shares to make up the
deficiency, and after public notice is given in two
daily papers in the City of Baltimore, for at least
thirty days of such assessment, and requiring its
payment, the Directors may sell at Auction the
stock of any share holder, who shall neglect or re-
fuse to pay such assessment within a week from
the time at which payment is and by said public |
Deficiency—
how made up. |
notice required, provided, a price equal to the as-
sessment be realized for it, and a new certificate
shall be issued to the purchaser for the shares so
purchased, and any surplus received for the stock
so sold over and above the assessment and expen-
ses shall be paid over to the holders of such can-
celled certificates. |
Proviso. |
Sec. 13. And be it enacted, That in case any
person or persons entitled to interest or dividend
on stock, or dividend on bills shall be indebted to
the Company, for sums past due and unpaid, the
Company may at its option, withhold the interest
or dividend, or both, and deduct such sums from
the amount thereof, and for any debt due to the
Company by any holder of certificates of stock, the
Company shall have a lien on all interest of said
debtors to said Company in such certificates; but
persons consuming Gas or entitled to dividends,
shall not be answerable by reason thereof or of any
thing contained herein, except for the payment of
their bills or for notes given for or in advance of
bills. |
Incase of in-
debtness, divi-
dend to be
withheld. |
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