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1835.
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LAWS OF MARYLAND.
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CHAP 310.
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:he provisions of the charter, the president and direc--
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tors shall have power to declare the stock of such de-
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linquent stockholder, subscriber or owner forfeited,
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and it shall thereupon be forfeited and rest in and be
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the property of said company, and may be sold by the
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president and directors thereof for the benefit of said
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company.
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Not individually
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SEC. 4. And be it enacted, That the stockholders of
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responsible unless fraud proved
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the said company as such shall not be individually re-
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sponsible for the debts, dues, contracts, obligations or
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undertakings of said company or any of them, un-
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less fraud can be proved on the part of the stockhol-
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Directors liable
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der sought to be charged; but any director or direc-
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tors of said company, who shall consent to or connive
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at the contraction of any debt, or to any further ope-
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ration of said company, except such operations
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as may be necessary towards winding up its concerns,
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after the said company shall have contracted debts, to
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double the amount of the capital stock paid in and the
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property and credits thereof, shall he deemed guilty of
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fraud, and shall be held answerable individually in
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person and estate for all and any of the debts and un-
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dertakings of said company.
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SEC. 5. And be it enacted, That the charter of said
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company as amended, shall be, and continue in force
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for thirty years after the passage of this act, and there-
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after, until the same shall be repealed, Modified or al-
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Proviso
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tered by the legislature; Provided, that if the said
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charter shall be misused or abused, the legislature
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shall have the right at all times to repeal, abrogate and
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annul the same.
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