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LAWS OF MARYLAND.
houses within or adjacent to the city of Baltimore, for the erection
of such works as may be deemed necessary and proper for
the accomplishment of the object intended. |
85
Dec. Ses. 1825. |
7. And be it enacted, That at lest
once a year, dividends
of the profits on the stock of said company shall be declared
and paid to the stockholders, their attorney or legal representatives,
at stated periods. |
Dividends. |
8. And be it enacted, That in order
the more effectually to
call the attention of the president and directors to the interest
of the company; stated meeting shall be convened and held
monthly at least, and special meetings whenever it shall be
deemed adviseable by the president; and every such meeting
the names of the attending members, and minutes of the proceedings
shall be recorded in a book to be provided and kept
for that purpose. |
Meetings. |
9. And be it enacted, That the subscribers
in this company,
and their transferrees and representatives, shall be taken and
considered as members of this company, and shall be entitled
to, and receive all the advantages arising therefrom, in proportion
to the stock held by them, provided that no transfer shall
be made or deemed valid, unless it be entered on the books of
the company in such manner as the president shall prescribe. |
Membership. |
10. And be it enacted, That this act
shall be and remain in
full force and virtue, until the year eighteen hundred and sixty,
and thence until the end of the next session of the general assembly
thereafter; Provided, however, that the concurring votes of
the stockholders of at least two thirds of the capital stock of the
company, shall be deemed sufficient at a general meeting to
dissolve the same, and finally terminate the object for which it
is incorporated, And Provided, that such meeting and its intention
shall be published in one or more newspapers in the city of
Baltimore, and at least three weeks previous to the time of such
meeting. |
Limit 1860.
Proviso. |
11. And be it enacted, That immediately
on the expiration
of this act, or the dissolution of this company, effectual measures
shall be taken by the then president and directors to close
all concerns thereof, and for making a final dividend of the capital
stock and profits then remaining, among the stockholders
thereof, in proportion to their respective interests. |
Close of concerns. |
12. And be it enacted, That the stockholders
shall be accountable
in their individual capacity for all debts of the company
contracted during the period of their being stockholders in the
event of its insolvency. |
Individual
accountability. |
13. And be it enacted, That the company
hereby incorporated,
shall pay to the treasurer of the Western Shore, on or before the
first Monday in January next, and annually thereafter, one half
of one per centum, on the mount of capital actually paid in,
under the penalty of forfeiting their charter. |
Pay treasurer. |
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