818 LAWS OF MARYLAND.
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ney only, but no stockholder indebted to the com-
pany shall be permitted to make a transfer or
receive a dividend until such debt is paid or secured
to the satisfaction of the President and Board of
Directors. |
General meet-
ings. |
Sec. 17. And be it enacted, That the President
and Directors may call a general meeting of the
stockholders for any purpose relative to the affairs
of the company, giving at least fifteen days notice
thereof in two daily newspapers of the City of
Baltimore, and any number of stockholders not
less than fifty, holding together not less than
five hundred shares of the company may at any
time apply to the President and Directors to call
a general meeting of the stockholders for any pur-
pose relative to the affairs of the company, and if
the President and Directors refuse to call such
meeting, the number of stockholders, proprietors
of the said number of shares shall have power to
call a general meeting of the stockholders, giving
at least fifteen days notice in the said newspapers
published, in the City of Baltimore, specifying in
such notice the object of said meeting. |
Limitation. |
Sec. 18. And be it enacted, That tins Act shall
take effect from the date of its passage and con-
tinue in force until the year eighteen hundred and
ninety (1890) and until the next session of the
General Assembly which shall take place there-
after, and that the Legislature reserves to itself
the right to alter or annul this Act; of incorpora-
tion at pleasure. |
Future pow-
ers. |
Sec. 19. And be it enacted, That a majority in
amount of the whole number of stockholders may,
in their discretion, accept and exercise any addi-
tional powers and privileges which may at any
time be conferred upon this company, either by
amendment of this Act or by any other Act here-
after to be passed. |
Partial des-
truction by
fire. |
Sec. 20. And be it enacted, That every house in-
sured by this company that is destroyed by means
of fire, from the first floor upwards shall be deemed
as demolished, and it shall be lawful for the
Directors in such case to order the money insured
thereon to be paid within thirty days after the no-
tice given of the loss as aforesaid. |
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