| 1815.
CHAP. 78. |
LAWS OF MARYLAND.
the said notes or such collateral security as aforesaid, or to transfer
the said share or shares; and in case the said notes, or the said collateral
security, shall not be given within the said term of one year by
such executor, administrator, legatee, or assign all interest which
the said stockholder had in his life time in and to the said corporation,
shall be forfeited, and shall be disposed of as aforesaid by
the directors; and such executor or administrator shall be, and is
hereby authorised and empowered, at any time within the said term
of one year, to sell or transfer such shares as the orphans court
of the county where such person or persons have obtained letters
testamentary or letters of administration on the said estate, shall
from time to time order and direct. |
| Insurances. |
7. AND BE IT ENACTED, That the said directors
shall have
full power and authority to make insurances upon vessels or merchandise
at sea, or going to sea, or upon any goods, wares, merchandise,
freights, or other personal property, going or gone by
land or water, and to lend money on bottomry or respondentia,
and generally to transact and perform all the business relative to
the object aforesaid. |
No further payment
to be required
unless to satisfy
losses, &c. |
8. AND BE IT ENACTED AND DECLARED, That it
shall not be
lawful for the directors at any time after receiving the first payment
as aforesaid, to require or demand from the stockholders any
other or further payments, unless the same be necessary to
defray and satisfy losses previously sustained by the said corporation;
and the directors shall have power to employ the funds
belonging to the corporation in such manner as they may deem
most advantageous to the institution; to appoint each and every
year such officers, clerks and servants under them, as shall be
necessary, and to allow them severally an annual salary for their
respective services, which shall be ascertained and fixed by the
directors each and every year immediately after the election of
said directors, and before the appointment of said officers, clerks
and servants. |
| Occasional meetings. |
9. AND BE IT ENACTED, That there may be occasional
meetings
of the board of directors, at such times as the president, or any
three of the directors, shall think proper, and in case of the sickness
or necessary absence of the president, his place may be supplied
by any other director whom the board of directors may for
that purpose appoint, and the directors shall keep full, fair, and
correct entries of their proceedings, which shall at all times be
open to the inspection of the stockholders. |
| Dividends. |
10. AND BE IT ENACTED, That the directors
may on the second
Monday in November, or at any other time, of each and
every year, declare a dividend of the profits of said company, or
of so much thereof as shall appear to them advisable, and the dividend
so declared shall be paid to the respective proprietors on demand;
but the monies received as premiums on risks, which shall
be undetermined and outstanding, shall not be considered as part
of the profits of the corporation; and in case of any loss or losses
whereby the capital stock of the corporation shall be lessened, no
subsequent dividend shall be made until a sum equal to such diminution,
and arising from the profits of the corporation, shall have
been added to the capital. |
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