346
Refusal to
pay in gold
and silver.
Refusal to
pay bills,
notes and
obligations.
Suspend pay-
ments.
Stockholders
liability.
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LAWS OF MARYLAND.
Maryland the sum of twenty cents in every hundred'
dollars of the capital stock of said corporation then
actually paid in, to be applied by the said Treasurer
to the augmentation of the Free School Fund of the
State, and in case of failure to make such payment-
tor the apace of twelve months after the same shall
become payable, this charter shall be forfeited and
be null and void.
SEC. 8. And he it enacted. That if at any time, unless
duly authorized by law, the said corporation shall
neglect or refuse to pay in gold and silver any of its
notes, bills, obligations or any money received on
deposit, in violation of the contract, promise, or un-
dertaking of said corporation, the person or persons
entitled to demand and receive such payment shall
respectively secure and recover interest on such bills,
notes obligations or deposits, until the same shall be
fully paid and satisfied at the rate of six per cent. per
annum from the time of such demand.
SEC. 9. Awl he it enacted, That if the said corpora-
tion shall neglect or refuse to pay as aforesaid, any
of its bills, notes, obligations, or money received on
deposit, the holder of note, bill, or obligation, or the
person or persona entitled to demand and receive
such money, shall be respectively entitled to demand
and receive only as creditor or debtor to claim and
set off such part of the sum of its assets, as shall be
actually distributable and payable to such creditor
or debtor, at the time when such claim or demand.
may be made.
SEC. 10. And be it enacted. That if the said corpora-
tion shall at any time suspend its payments, the
assets which the said corporation may hold, or be in
anywise entitled to at the time of such payment,
shall be rateably distributed to and among all the
persons who shall be its creditors at such time, and
to their assigns respectively.
SEC, 11, And be it enacted. That the provisions of
this Act shall be on the condition that the stock-
holders and directors of said corporation shall be
liable to the amount of their share or shares of stock:
in said corporation, for all its debts and liabilities.
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