THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

porated company, or in bolide or notes, secured by un-

incumbered real estate of double the value in each

CHAP. 364,

case of the sum secured, as a specific security over

and beyond the other funds and property of the

company, for the payment of the bonds and obligations

entered into and liabilities incurred by the said trus-

tees.

SEC. 7. And be it enacted, That it shall be the duty

Annual statement to he made to Al-

of the sp.id trustees to send annually to the Allegany

legally county court

county court as a court of equity, under their seal, a

fair statement of. their transactions, and the said court

shall at all times whenever the interest of the corpora-

tion or of others shall require it, order a full and fair

investigation into the affairs of the corporation by a

proceeding in equity, and if in the course of such inves-

tigation, it be made manifest that the interest of

those concerned require it, it shall be the duty of

Which court may

the said court to demand from the said company such

demand security

security as will save its creditors from loss, and in

case of failure to give such security within a reasona-

ble time, the said court shall demand a surrender of

the assets of the said corporation, and their charter

shall become forfeited.

SEC. 8. And be it enacted, That all the doings of

Righr of inspecting

proceedings

said trustees shall be at all times subject to the inspec-

tion of such officer or agent of the State as may be se-

lected for that purpose by either branch of the Legisla-

ture, and if at any time the capital stock and assets of

the said corporation shall not he sufficient to pay all

Responsible

the debts incurred by the said trustees, they shall be

responsible, in the same manner and to the same ex-

tent that trustees now are by law responsible in law or

equity.

SEC. 9. And be it enacted, That the said company

Banking forbid

shall not issue any bill or note in the nature or style

of a bank note.

SEC. 10. And be it enacted, That on the first day

Tax or 20 cents in

of January after the said board of trustees shall have

the $010 applied to school fund

been organized, and annually thereafter, the said Un-

ion Company shall pay to the Treasurer of the Wes-

tern Shore, the sum of twenty cents on every hundred

dollars of the amount authorised to be subscribed for,