1835.

LAWS OF MARYLAND,

CHAP. 79

until the next election, and for the transaction of any

business hereby confided to the President and Direc-

Quorum

tors, a majority of them shall be a quorum.

General and spe-cial meeting!

SEC. 4. And be it enacted, That general meetings of

the stockholders shall be called by the President and

Directors as often as they shall think proper, or as the

said stockholders may in their by-laws direct; and that

special meetings may be called at any time by the Pre-

sident or a Director, or by any number of stockholders

who shall be proprietors of not less than one fourth of

the whole capital stock, first giving ten days notice of

such meeting and its objects, in writing, to each stock-

holder, or by advertisement in at least two newspapers

published daily in the city of Baltimore; and in any

meeting of the stockholders, a quorum for the transac-

tion of any business, other than the election of the Pre-

sident and Directors, shall consist of the proprietors,

or the owners, and representatives of the owners, of at

least the major part of the capital stock, and every such

meeting shall have full power and authority to pass,

amend, alter and repeal by-laws and regulations, for

the management of the affairs of said corporation,

which shall, whilst in force, be binding on the Presi-

dent and Directors' of the said company, their officers,

agents and servants, the same not being contrary to

law or the provisions of this act.

Case of incuring excess of obliga-

SEC. 5. And be it enacted, That if the total amount

tions

of the debts which the said corporation may at any time

owe, shall exceed the amount of two-thirds of its capital

actually paid in, the Directors under, whose adminis-

tration this may happen, shall be liable for such excess

in their natural and private capacities, and an action

may, in such case, be brought against them, or any of

them, or their heirs, executors, or administrators, in

any court of record of this State, by any creditor or

creditors of the said corporation, and may be prosecu-

ted to judgment and execution, any condition, covenant

or agreement to the contrary notwithstanding; but

nothing herein contained, shall be construed to exempt

the said corporation, or the lands, tenements, goods,

chattels and estate of the same, from being also liable

for, and chargeable with, the said excess; Provided