THOMAS SWANN, ESQUIRE, GOVERNOR. 237
him committed by this Act, and the by-laws, rules
and regulations of the said company; and the said
President and Directors may require like bonds
from any other officer or person employed by
them. |
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Sec. 10. And be it enacted, That the dividends
of so much of the profits of said company as shall
appear advisable to the directors, shall be declared
at least twice a year, in every year, and paid to
the stockholders on demand at any time after the
expiration of ten days therefrom, but the divi-
dends shall in no case exceed the net profits actu-
ally acquired by the company, so that the capital
stock shall never be thereby impaired, and if the
said Directors shall fraudulently make any divi-
dends which may impair the capital stock of said
company, the Directors consenting thereto shall
be liable in their individual capacities to the com-
pany for the amount of the stock so divided, and
each Director present when such dividend shall be
made shall be adjudged to be consenting thereto,
unless he forthwith enters his protest on the min-
utes of the Board and give public notice to the
stockholders at the declaring of such dividends. |
Dividends to
be declared. |
Sec. 11. And be it enacted, That at each
annual meeting of the stockholders, the Directors
of the preceding year shall exhibit to them a com-
plete statement of the affairs and proceedings of
the company for such year; and special meetings
of the stockholders may be called by order of the
Directors, or by stockholders holding one-fifth in
amount of the capital stock, on the like notice as
that required for annual meetings, specifying,
moreover, the object of the meeting; but no bus-
iness shall be transacted at such special meetings
unless a majority in value of the stockholders
shall attend in person or by proxy. |
Statements
of affairs to be
exhibited. |
Sec. 12. And be it enacted, That the said com-
pany be and they are hereby authorized to locate
and construct a railroad from the town of Centre-
ville, in Queen Anne's county, or from any other
point or points in said county, that may bo
deemed advisable by the said company, through
Kent and Cecil counties to Elkton, in Cecil
county, to connect with the Philadelphia, Wil-
mington and Baltimore Railroad, or to the line |
Authority to
locate and con-
struct Rail-
road. |
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