554

LAWS OF MARYLAND.

once a week for three successive weeks before the

day fixed for such meeting, and if at said meeting

a majority in interest of said stockholders shall be

Question sub-

present, then the question of ratifying or refusing to

mitted.

ratify said assessment shall be submitted to said

meeting, and unless a majority in interest of the

holders of all of said company's stock shall vote in

favor of ratifying said assessment, then the same

shall become void and of no effect ; but if a majority

in interest vote in favor of ratifying the same, then

said assessment shall be effectual and binding, and

said board of directors shall proceed to collect the

same.

SEC. 4. And be it enacted, That all assessments

Lien upon
shares.

made in conformity with the preceding sections shall
be a lien upon the respective shares of stock upon

which they are levied ; and unless the same shall be

paid within such time as the board of directors shall

prescribe, not less, however, than sixty days after

such ratification, then said board of directors shall

have power to sell said shares of stock to pay the

same, by giving not less than twenty days previous
notice of the time, place, manner and terms of said

sale, by advertisement in some newspaper printed in

Allegany county, which sale shall take place at

Public auc-

public auction for cash ; and when the holder or

tion.

holders of said stock are unknown to said directors,

the same may be described in said advertisement as

shares belonging to a party or parties unknown ; and

if any share or shares shall bring more than sufficient

to pay the assessments thereon, and its proportion of

the cost of sale, then the surplus shall be paid to the

holder or holders of said share.

Effective.

SEC. 5. And be it enacted, That this act shall take

effect from the date of its passage.

Approved April 10, 1880.