220 LAWS OF MARYLAND.
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the holders of a majority of the shares of the cap-
ital stock of the Company shall be present or rep-
resented, shall have power to alter or repeal any
by-laws made by the President and Directors, and
also to make such new by-laws, rules and regula-
tions as the holders of a majority of the shares of
the capital stock of the Company approve of,
which shall bo binding on the President and Di-
rectors. |
Authority to
borrow money. |
Sec. 9. And be it enacted, That the board of
Directors, with the consent of a majority of
the stockholders, may borrow money and create
indebtedness in such manner as they may deem
requisite for the prosecution and management of
the business of the Company, and may issue the
bonds or other securities of the said Company,
payable in such times and places as they may
deem proper, and may dispose of the same in such
manner as may be advantageous to the Company. |
Statement of
affairs to be
prepared an-
nually. |
Sec. 10. And be it enacted, That the President,
Secretary, Treasurer and board of Directors shall
annually prepare a true statement of the affairs,
business and property of the Company and report
the same to the stockholders at their annual meet-
ing; and if any profits shall have been earned or
made, a dividend of the same shall be declared to
the stockholders of the said Company, payable in
such manner as the board of Directors may deem
proper; the stock transfer books of the Company
shall be closed ten days prior to the annual meet-
ing of the stockholders and shall remain closed
such time as the board of Directors may order. |
Reservation. |
Sec. 11. And be it enacted, That this Act may
at any time be altered, modified or repealed, at the
pleasure of the Legislature. |
In force. |
Sec. 12. And be it enacted, That this Act shall
take effect from the date of its passage. |
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