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LAWS OF MARYLAND.— 1638.

or liabilities, for all such debts, engagements and liabilities,

contracted and entered into, beyond the said actual assets of the

Directors
individually
liable.

said company as aforesaid, the directors thereof who may be
present, and do not express their dissent at the time of contract-

ing such debts, engagements and liabilities, shall be bound and

Process
authorised.

answerable in his, her or their person or persons, and property,
in proportion to his, her or their stock, any may in his, her or

their said person, and property, be taken in execution on any

judgment against the said company, with the same effect as if

the said debts, engagements and liabilities had been contracted

and entered into, in their individual capacity, or entered into

beyond the amount of the actual assets of said company, and

upon any suit at law, or in equity, arising thereon, in any of the

courts of this state, having jurisdiction of the same, it shall and

may be lawful for the said court upon application by any person

or persons interested therein to summon any of the officers of

such company to bring into said court at the trial of said suit,

the books and papers of said company, and on the failure of said

Failure to

officer so to do, it may in the discretion of the court, be deemed

appear.

and taken as a confession by such company, that they have

contracted debts, and entered into engagements and liabilities

beyond the amount, the market value of their actual assets

aforesaid ; Provided, that snch failure to produce the books of

the company shall be with the knowledge, privity, or consent

of the directors.

Case of the

SEC. 15. And be it enacted, That whenever four-fifths of the

stock falling
into few
hands.

capital stock of such company, shall become concentrated, by
purchase or otherwise, in the hands of less than five persons, or

more than one-half of the same, shall be, and remain in the

The incor-

hands of one person, for more than six months, all the corporate

poration to
cease.

powers and privileges granted by the act incorporating such
company, shall cease and determine; and if the company should

not be organized by the appointment of a president and direc-

Case of

tors, within two years from the passage of the act of incorpora-

failing to

tion, then all its provisions shall be null and void, and if at any

organise for
two years.

time the company shall suspend their operations for the space of

two years, then their rights and privileges shall cease and their

Charter

charter shall be forfeited ; but whensoever the said corporation

void.

shall be dissolved, whether by the lapse of time or any other

Rights

cause, their corporate name, with their right to sue and be sued,

preserved.

shall continue for the purpose of collecting the debts due to the

company, prosecuting the rights, which shall have accrued

under their previous contracts, paying the debts due by them,

and satisfying all liabilities which they may have incurred, and

for the distribution of the property bf the corporation among

those entitled to the same.