298

LAWS OF MARYLAND.

repair all such vessels, carriages and other con-
veniences as may be necessary for effecting the ob-
ject of said corporation, to prescribe the form of

General meet-
ing.

certificates to be issued to stockholders, and to
regulate the mode of transfering their capital stock,
to apply the funds of said corporation so far as the
same may be necessary to effect the object afore.-
said, and in payment of the necessary expenses of
the Company ; to call general meetings of the
stockholders, and generally to pass such by-laws
as may be necessary for the exercise of the afore-
said powers vested in said Corporation, and the
same by-laws to alter and repeal, such by-laws
being subject to the approval of a majority of
the stockholders.

Dividends.

Sec. 7. And be it enacted, That the President
and Directors shall from time to time declare and
pay to the stockholders dividends of so much of
the profits realized by the Company as they shall
deem expedient, after reserving such sum as they
shall decide to be reasonable to meet the expenses
of repairs, or the purchase of any articles neces-
sary for the use of said Company ; and also, at
the paying of said dividend of profits, a general
statement of the affairs of the Company shall be
prepared by the Directors and kept open for the
inspection of the stockholders, or any of them, for
the space of ten days after the same shall have
been presented to them.

Banking pro-
hibited.

Sec. 8, And be it enacted, That this Corporation
shall not be permitted to issue any note, token or
device, or other evidence of debt, to be used as
currency.

In force and
reservation.

Sec. 9. And be it enacted. That this Act shall
take effect from and after its passage, and the
General Assembly reserves the right to alter,
amend or repeal this Act at. pleasure.

Approved March 20, 1868.