EDWIN WARFIELD, ESQ., GOVERNOR.

357

powers and privileges of the building or land association, or

corporation or individual assigning the same, and may enforce

any covenant or stipulation in the same and foreclose, assign

or release as fully and effectually as the assignor could have

done.

SEC. 17. And be it enacted, That the continuance of the said

Stockholders

corporation shall be on condition that stockholders thereof

liable.

shall be liable to the amount of the respective shares of its

capital stock for all its debts and liabilities upon notes, bills

or otherwise, and upon the further condition that this Act

and every part may be altered from time to time or repealed

by the Legislature.

SEC. 18. And be it enacted, That if the corporation shall at

Corporation's

any time suspend its payments, the assets which the corpora-

creditors.

tion may hold, or be in anywise entitled to at the time of such

suspension of payments, shall be ratably distributed to and

among all persons who shall be its creditors at such time, and

to their assigns, respectively.

SEC. 19. And be it enacted, That if the president and

After suspen-

directors should at any time suspend the active business opera-

sion, bank
cannot re-

tions or working of said corporation, and a majority of the

sume.

stockholders in general meeting assembled determined to close

the banking operations, thenceforth it shall not be lawful for

the corporation to resume the exercise of its banking powers

and franchises, but the same shall be closed, and after the pay-

ment of its debts and liabilities, the remaining assets and

property of the corporation shall be divided pro rata among

the stockholders or their assigns.

SEC. 20. And be it enacted, That the General Assembly of
Maryland hereby reserves the right to alter, amend or repeal

Legislature's
right.

this Act at its pleasure.

SEC. 21. And be it enacted, That this Act shall take effect

from the date of its passage.

Approved April 1, 1904.

CHAPTER 218.

AN ACT to enlarge and extend the powers of the Stevensville

Savings Bank of Queen Anne's County, Maryland, and au-

thorize an increase of the capital stock, and also an increase

of the directors of its board of directors.