522

LAWS OF MARYLAND.

to time provide in the by-laws, and every member,
in person or by proxy, shall have one vote for every
share of stock held, or to which said members may
be entitled on the books of the said corporation at
any meeting of the stockholders, for any purpose

Eligibility of
officers.

whatever. No person shall be eligible as Presi-
dent, Vice President or Director unless he is a
bona fide holder, or entitled to hold at least five
shares of the stock of said corporation in his own
name, which, upon his ceasing to hold in his own
name, shall be taken and accepted as his resigna-
tion of the office filled by him, and the Directors
may proceed at any time [time] to fill the vacancy
thereby created.

Annual report

Sec. 5. And be it enacted, That it shall be the
duty of the Board of Directors, at a convenient
time before the regular annual meeting of the
stockholders, to cause to he prepared a report of
the condition of the said corporation, setting forth
its receipts and expenditures and such other facts
in connection therewith as may he of interest to
the said stockholders, and the said Board shall at

Examination
— not by Di-
rectors.

the same time name three of the stockholders, who
shall not be Directors, to examine the said report
and determine whether or not the same is correct,
and the said three persons shall state to the stock-
holders present, in writing, their opinion of said
report and of the condition of the said corporation
as shown thereby; said report and all papers con-
nected therewith may be printed or not, at the
option of the Board. And if said corporation
shall find the profits accrued during the time to
warrant them in so doing, including interest, fees
and other receipts not directly known as capital,
they may. at such times and in such sums as they

Pividend.

may deem advisable, declare a dividend to the said
stockholders in the ratio of the amount of stock
held by each.

Cannot trans-
fer when in-
debted.

See. 6. And be it enacted, That no stockholder
shall be permitted to transfer any stock standing
to his, her or their name on the books of the cor-
poration, if such stockholder shall be indebted to
said corporation, without the previous payment or
satisfactory arrangement of the said indebtedness
with the said corporation.

Sec. 7. And be it enacted, That the Directors may
call a general meeting of the stockholders of said