GEORGE HOWARD, ESQ. GOVERNOR:

1831.

Sec. 14. And be it enacted, That the president and di-
rectors shall declare half yearly dividends, of the profits
of the corporation, or of so much thereof as to themselves
shall appear advisable, and in case of any loss or losses
whereby the capital stock of the company shall be lessen-
ed, no subsequent dividend shall be made, until a sum shall
have been added to the capital, equal to such diminution,
and arising out of the profits of the company, and the said
president and directors shall have power to retain and set
apart such a portion of the profits of the company, from
time to time, as they may deem necessary, to meet any

CHAP. 160.

Dividends.

emergency or loss, and also to constitute a fund for the es-
pecial benefit of such members of the fire companies of
the city of Frederick, as may become disabled or wounded
in the discharge of their duty in aiding or extinguishing a
fire.

Fund for disabled
firemen.

Sec. 15. And be it enacted, That the said corporation shall
not be competent to purchase or hold any real property,
except such as may be recovered by them for premiums,
or may be necessary for their accommodation in the dis-
charge of business.

May not hold real
property.

Sec. 16. And be it enacted, That no stockholder or mem-
ber of this company shall be answerable in his person or
individual property, for any contract or agreement of this
company, or for any losses, failure or deficiencies in the
capital stock; but the whole of such capital stock, and all
property, rights and credits thereunto belonging, and no-
thing more, shall be answerable, at all times, for the de-
mands against the company.

As individuals, ir-
responsible.

Sec. 17. And be it enacted, That the stock of this com-
pany is hereby declared to be personal and not real estate,
and may be assigned and transferred on the books of the
company, in person, or by power of attorney only; but no
stockholder indebted to the company, by reason of any
neglect or refusal to pay the instalments or other legal de-
mands of the company, shall be allowed to make a transfer
or receive a dividend until such debt is paid or secured to
the satisfaction of the president and directors.

Stock, personal
property.

Sec. 18. And be it enacted, That the president and direc-
tors may call a general meeting of the stockholders for any
purpose relative to the affairs of the institution, at any time
when they may deem it necessary, giving at least two
weeks notice thereof in one or more of the newspapers of the
city of Frederick, and any number of stockholders not less
than fifty, proprietors of at least seven hundred and fifty
shares, may at any time apply to the president and direc-
tors to call a general meeting of the stockholders, and if the

General meetings.