876

LAWS OF MARYLAND.

President and countersigned by the secretary, and
sealed by the common seal of said Company, to
each person for every share by him or her sub-
scribed or held, which certificate shall be trans-
ferred at his or her pleasure, in person or by at-
torney, legally authorized, in the presence of the
President or Secretary, subject, however, to all
payments due or to become due thereon, and the
assignee holding such certificate having first caused
the assignment to be entered in a book of the Com-
pany, to be kept for the transfer of stock, shall be
entitled to all privileges and emoluments, and sub-
ject to all liabilities and penalties as. the original
subscribers would have been.

Pay install-
ments.

Sec. 8. And be it enacted, That upon every such
subscription there shall be paid to such person or
persons as may be appointed to receive such sub-
scription such installments as the President and
Directors of said railroad shall require; and should
any subscriber fail or neglect to pay any install-
ment for the space of thirty days next after the
time the same shall be due, and payable the stock
on which it is demanded, shall be forfeited to the
Company.

Require bond.

Sec. 9. And be it enacted, That the President
and Directors, of said Company shall require and
receive of and from the treasurer, and every other
person by them employed, bonds in sufficient
penalties and with such securities as they shall by
their by-laws, rules and regulations determine
for the faithful performance of the several duties
to them committed.

Declare divi-
dends.

Sec. 10 And be it enacted, That dividends of
so much of the profits of the said Company, as
shall appear advisable to the Directors, shall be
declared twice a year in every year, and paid to
the stockholders on demand at any time at the ex-
. piration of ten days therefrom, but the dividend
shall in no case exceed the net profits actually
acquired by the Company.

Exhibit state-
ment of affairs

Sec. 11. And be it enacted, That at each annual
meeting of the stockholders, the Directors of the
preceding year shall exhibit to them a complete
statement of the affairs and proceedings of the
Company, and such a special meeting of the stock-