GEORGE HOWARD, ESQ. GOVERNOR.

1831.

company, at the time of making the same, each and every
director that consented thereto, shall and is hereby declared

CHAP. 191.

to be liable for, in his individual capacity, and bound to
contribute to make good the deficiency in the capital stock,
occasioned by such improper dividend, and to form a quo-
rum for such purpose, the board shall not be less than five,
including the president.

Responsibility for
improper dividend

Sec. 9. And be it enacted, That the stock of this institution
is hereby declared to be personal and not real estate, and
may be assigned and transferred on the books of the com-

Stock made per-
sonal estate.

pany in person or by power of attorney only; but no stock-
holder iudebted to the company shall be permitted to make
a transfer or receive a dividend until such debt be paid or
secured to the satisfaction of the president and board ot
directors.

Exception to
transfers.

Sec. 10. 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, giving at
least two weeks notice in one or more of the newspapers
printed in the city of Baltimore, and any number of stock-
holders not less than forty, who together shall be proprie-
tors of one thousand shares, may at any time apply to the
president and directors to call a general meeting of the stock-
holders for any purpose relative to the affairs of the institu-
tion; and if the president and directors shall refuse to call
such meeting, the said number of stockholders, proprietors
of not less than the aforesaid number of shares, shall have
power to call a general meeting of the stockholders, giving
at least two weeks notice in one or more of the newspapers
printed in the city of Baltimore, specifying in such notice

General meetings.

the object or objects of such meeting; and the resolutions of
stockholders, owners of a majority of all the shares of the
company's capital stock, in a general meeting assembled,
shall at all times be binding on the company and their pre-
sident and directors, if not inconsistent with law, and the
provisions of this act.

Resolutions of,
bindiug.

Sec. 11. And be it enacted, That this act shall continue
and be in force for the term of twenty years, and until the
end of the next session of the general assembly which shall
happen thereafter, and no longer.

Limit,