| 1815.
CHAP. 118.
Dividends to be
made. |
LAWS OF MARYLAND.
9. AND BE IT ENACTED, That the president and
managers, or
a majority of them, as soon as the progress of the work, and the
state of the funds will permit, shall make, declare and pay, to the
stockholders, or their legal representatives, half yearly dividends
at certain stated times, on the stock of the company, out of the income
of the company's property, reserving such sum annually as they
shall judge necessary, for repairs, augmentations and contingencies. |
| Transfers. |
10. AND BE IT ENACTED, That no transfer or
assignments of
the said capital stock shall be valid, unless it be made on the books
of the company, and in such manner as the president and managers,
or a majority of them, shall appoint; and every person or
persons, having so transferred or assigned the whole of his, her,
or their interest and stock, in the said company, shall thereafter
cease to be a member or members of the said company, to all intents
and purposes. |
Oath of president,
&c. |
11. AND BE IT ENACTED, That the president
and each manager,
before he enters upon the duties of his office, shall take the
following oath, or affirmation, as the case may be: " I do solemnly
swear, (or affirm,) that I will impartially, faithfully, diligently and
honestly, execute the duties of _____ _____ conformably to the provisions
of act act to incorporate a company under the name and
style of The Somerset Manufacturing Company, and the trusts
reposed in me, to the best of my skill and judgment;" and the secretary,
and other officers, shall also take a similar oath, (or affirmation,)
and shall besides give bond, with security, to the satisfaction
of the president and managers, for the faithful discharge of
their duties in their respective stations. |
| Defaulters. |
12. AND BE IT ENACTED, That if any stockholder
shall fail to
pay his or her instalment to the amount of twenty-five dollars on
each share, at the times and in the manner to be prescribed by the
board of managers, who are hereby authorised to prescribe and
regulate the same, such stockholder shall forfeit to the use of the
company, all monies paid antecedently to such failure and default,
but no forfeiture shall take place after twenty-five dollars on each
share shall have been paid; but if any stockholder shall fail to
make regular payment of any instalment after twenty-five dollars
shall have been paid, such stockholder's money in the company
shall remain free from interest, and not entitled to dividend, until
such instalment or call shall be made good, and the dividend thereafter
to be paid to such stockholder, as well upon the money by
him regularly paid, as upon the money paid after default, shall be
calculated only from the time when said last instalment was made
good. |
|
_____
|
Passed Jan. 22, 1816. |
CHAP. CXIX.
An Act to receive and amend an act, entitled, An act for establishing
a
Company for opening and extending the navigation of
the River
Pocomoke. Lib. TH. No. 4, fol. 609. |
| Parts of an act revived. |
1. BE IT ENACTED, by the General Assembly
of Maryland, That
all those parts of an act of assembly, passed at November session,
seventeen hundred and ninety-six, chapter seventeen, entitled, An
act for establishing a company for opening and extending the navigation
of the river Pocomoke, not inconsistent with the provisions
of this act, be and the same are hereby revived and declared
to be in full force. |
|
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