18

LAWS OF MARYLAND.

Dividends.

Sec. 5. And be it enacted, That the Directors
shall from time to time declare and pay to the
stockholders dividends of so much of the profits
realized by this corporation as they deem expe-
dient, after reserving such sums as they shall de-
cide to be reasonable to meet the expenses of re-
pairs, building or purchasing real estate and
articles for the use of said corporation and the
prosecution of its business, and that the vote de-
claring such dividends be taken by yeas and nays
and recorded upon the minutes, and that no divi-
dend shall be declared except out of the net profits
of the business of the Company and the Directors
present, and voting for the declaring of any divi-
dend made contrary to this provision, shall thereby
become jointly and severally liable for all the debts
of the said corporation then existing, and that
shall thereafter be contracted so long as they re-

Proviso.

spectively continue in office ; provided, that if any
Director shall be absent at the time of declaring
such dividend, or being present, shall vote against
the declaring of the same, he shall be exempt from
the liability of this clause.

Statement.

Sec. 6. And be it enacted. That a general state-
ment of the affairs of the Company shall be pre-
pared and presented to the stockholders at their
annual meetings, and remain open for their in-
spection for thirty days.

Not issue.

Sec. 7. And be it enacted, That this Company
shall not be permitted to issue any token, note or
device, or evidence of debt to be used as currency.

In force,

Sec. 8. And be it enacted, That this Act shall
take effect from the date of its passage, and that
the General Assembly reserves the right to alter,
amend or annul this charter ; provided) no injus-
tice be done the corporation.

Approved February 6, 1868.