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LAWS OF MARYLAND.

Limits.

Sec. 4. And be it enacted, That the operations of
this Corporation, in whole or in part, may be car-
ried on either within or without the bounds of this
State, as to the Directors of the said Corporation
may seem advisable from time to time.

Capital stock.

Sec. 5. And be it enacted, That the capital stock
of said Corporation shall not exceed five hundred
thousand dollars, divided into shares of one hun-
dred dollars each, to be issued either for cash sub-
scriptions or in payment for property, as may be
provided for in the by-laws of this Corporation,
and the said Corporation may go into operation
whenever five thousand dollars in money shall
have been paid for that amount of its capital stock
at its par value.

Dividend.

Sec. 6. And be it enacted, That no dividend
shall be declared which shall impair the paid in
capital stock of said Corporation, or from any other
source than the bona-fide earnings of the Corpora-
tion, clearly ascertained at stated periods, and that
no share or shares of stock shall be transferred,
and no dividend paid to any stockholder while said
stockholder remains indebted to the Corporation.

Pay install-
ment.

Sec. 7. And be it enacted. That if any stock-
holder or his assigns shall refuse or neglect to pay
any installment for the space of sixty days next,
after the same shall be due and payable, the stock
on which such installments is due and payable
shall be forfeited to the Corporation, and may be
sold by said Corporation for its benefit, but the
President and Directors, or a majority of them, may
remit such forfeiture on such terms as they may
think proper.

Hanking pro-
hibited.

Sec. 8. And be it enacted, That this Act shall
not be construed to confer upon said Corporation
any banking powers, nor the right to issue any
bill or note in the form of a bank note, to circulate
as currency.

Reservation.

Sec. 9. And be it enacted, That the General
Assembly expressly reserves to itself the right to
alter, amend, annul or repeal this Act of incorpo-
ration at pleasure.

In force.

Sec. 10. And be it enacted, That this Act shall
take effect on and after its passage.
Approved March 20, 1868.