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LAWS OF MARYLAND.

Application of
profits.

SEC. 12. And be it enacted, That after applying
from these profits sufficient to cover the payment of
ten per cent, per annum upon the stock, in semi-annual
payments to the stockholders, and one per cent, for
the purpose of creating a reserve fund, the residue
of such profits shall be divided pro-rata among and
be paid in cash to the persons, firms or corporations
who shall have used or consumed gas from the com-
pany, and regularly and promptly paid to the corn-
pany, for one year prior to the declaration of such
dividend, bills contracted for the same. Provided
said reserve fund shall not exceed the sum of two
hundred thousand dollars.

Loans.

SEC. 13. And be it enacted, That no loan of money
shall be made by such corporation to any stock-
holder therein; and if any such loan shall be made
to any stockholder, the officer or officers who shall
make it, or who shall assent thereto, shall be jointly
and severally liable for all the debts of the corpora-
tion contracted before the making of the said loan
to the extent of double the amount of said loan.

Cause of In-
debtedness.

SEC. 14. And be it enacted, That in case any person
or persons, entitled to interest or dividend on stock,
or dividend on bills, shall be indebted to the com-
pany for sums past due and unpaid, the company
may at its option withhold the interest or dividend,
or both, and deduct such sums from the amount
thereof, and for any debt due to the company by
any holder of certificate of stock, the company shall
have a lien on all interest of said debtors to said
company in such certificate; but persons consuming
gas and entitled to dividends shall not be answera-
ble by reason thereof or of any thing contained
herein, except for the payment of their bills or for
note given for and in advance of bills.

Construction

SEC. 15. And be it enacted, That nothing in this
act shall be so construed as to authorize the said
company to issue any note, token or scrip, or other
evidence of debt, to be used as currency; and the
corporation hereby created shall not consolidate or
amalgamate with any other formed for the same
purpose, nor shall the president, directors or any
officer of any other company, formed for the same