1835.

LAWS OP MARYLAND

arising on the capital stock, at such times as the Pre-

CHAP. 65,

sident and Directors may judge proper, not oftener

than once in six months, and the same shall be paid to

the stockholders or their legal representatives; but if at

Case of improper dividend

any time a dividend shall be declared of a greater

amount than the nett profits of the said company, at

the time of making the same, each and every Director

that consented thereto, shall and is hereby declared 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

Quorum

form a quorum for such purpose, the board shall not be

less than five, including the President.

Stock, personal

SEC. 10. And be it enacted, That the stock of this

estate

institution 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 at-

torney only; but no stockholder indebted to the compa-

Transfer

ny, shall be permitted to make a transfer or receive a

dividend until such debt be paid or secured to the sat-

isfaction of the President and board of Directors.

General meetings

SEC. 11. And be it enacted, That the President and

Directors may call a general meeting of the stockhol-

ders for any purpose relative to the affairs of the insti-

tution, giving at least two weeks notice in one or more

of the newspapers printed in the city of Baltimore; and

any number of stockholders not less than twenty, who

together shall be proprietors of one thousand shares at

any time, may apply to the President and Directors to

call a general meeting of the stockholders for any pur-

pose relative to the affairs of the institution, and if the

Case of refusing to call

President and Directors shall refuse to call such meet-

ing, 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 the object or objects of said meeting;

and the resolutions of stockholders, owners of a ma-

jority of all the shares of the company's capital stock,

in a general meeting assembled as aforesaid, shall at

all times be binding on the company, and their Presi-