218

LAWS OF MARYLAND.

such newspaper or newspapers as they may see fit,
to prescribe the form of the certificate to be issued
to the stockholders, and to regulate the mode of
transferring shares in the capital stock, to apply
the funds of the said corporation to the objects
aforesaid, and in payment of the necessary expen-
ses, to call general meetings of the stockholders,
and to pass all such by-laws as may be necessary
for the exercise of the aforesaid powers, or the
powers vested in said corporation, and the same
by-laws from time to time to alter and repeal;

Proviso.

provided, that all such by-laws may be altered or
repealed by a majority in interest of the stock-
holders assembled at any annual or general meet-
ing.

Dividends.

Sec. 5. And be, it enacted, That the President
and Directors shall from time to time declare and
pay to the stockholders, dividends of so much of
the profits realized by the company as they shall
deem expedient after reserving such sum as they
shall decide to be reasonable to meet the expenses
of repairs, and to provide for the building or pur-
chasing of a new boat or boats, vessel or vessels,
or other articles necessary for the use of the cor-
poration, and at the time of each annual election,
and also, at the time of paying each dividend of
profits, a general statement of the affairs of the
said corporation shall be exhibited for the inspec-
tion of the stockholders.

Unpaid instal-
ments,

Sec. 6. And be it enacted, That the President
and Directors or a majority of them, shall have
full power and authority, after giving at least
thirty days previous notice by advertisement in-
serted in such newspaper or newspapers as they
may deem proper, to forfeit and dispose of for the
use of said corporation, any share or shares of
stock upon which one or more instalments shall
be due and unpaid, unless the instalment or
instalments so due, with interest thereon from the
time when the same shall have been made payable
shall be paid before the day limited in such notice,
or the owner of such stock may be compelled by

Proviso.

action to pay all such instalments; provided,
always, that no stockholder shall be liable in his
person or property for any contract of, or claim
against said corporation, but that the joint stock
property, credits, rights and effects, of said corpo-