190

LAWS OF MARYLAND.

to be paid by each member or stockholder at the
time of subscribing, and may limit the number of
shares a member may hold at any one time, and
the corporation shall have the power to enforce the
payment of all instalments or other dues owing by
its members or shareholders, by such fines and for-
feitures as the Directors may from time to time

Vote.

provide in the by-laws; and every member in per-
son or by proxy shall have one vote for each share
he may hold not exceeding thirty shares, and in
addition thereto one vote for every five shares he
may hold in excess of thirty shares, at all meetings
of the shareholders. No one shall be eligible as
President, Vice President or Director who is not a
bona fide bolder of at least ten shares of the stock
of this corporation, which, upon his ceasing so to
hold, it shall be the duty of the Directors to de-
clare his or their offices vacant, and to fill the
vacancy.

Transact busi-
ness.

Sec. 5. And be it enacted, That as soon as two
thousand shares are subscribed for, and the sum of
forty thousand dollars paid or secured to be paid,
this Corporation shall be competent to transact all
kinds of business for which the same is established.

Committee to
investigate.

Sec. 6. And be it enacted, That it shall be the
duty of the Directors at least one week before each
and every election for Directors, to appoint from
the non-office-holding shareholders three compe-
tent persons to investigate the affairs of the said
Corporation and to make a report thereof at the
regular meeting, which report shall be recorded
and be open for the inspection at all times of the
stockholders; and thereupon it shall be the duty
of the Directors to declare such dividends out of

Losses.

the profits as they may deem advisable; and in
case of loss or losses by fire or otherwise, whereby
the capital shall be impaired, no subsequent divi-
dend shall be made until the capital is again made
whole from the earnings of the Company, by vol-
untary contributions of its members or otherwise;
and no stockholder of this Company shall be

Capital stock
liable.

answerable in person or individual property for
any contract of said Company, or for any loss or
deficiencies or failures of the Capital Stock of this
Company, but the whole of said Capital Stock,