96

LAWS OF MARYLAND.

ages may be due and payable for more than thirty
days before said election or meeting.

Treasurer to
bond.

Sec. 11. And be it enacted, That the Treasurer
of the said company before he proceeds to act as
such, shall execute and deliver to the President
and Directors thereof a bond in such penalty as
shall be prescribed by them, and with such sure-
ties as they shall approve, conditioned for the
faithful performance of the several duties and
trusts to him committed by this act, and the by-
laws, rules and regulations of the said company,
and the said President and Directors may require
like bonds from any other officer or person employ-
ed by them.

Dividends.

Sec. 12. And be it enacted, That dividends of so
much of the profits of the said company as shall
appear advisable to the Directors shall be declared
at least twice in every year, and paid to the stock-
holders on demand at any time after the expira-
tion of ten days therefrom, but the dividend shall
in no case exceed the net profits actually acquired
by the coin pan r, so that the capital stock shall
never thereby be impaired, and if the said Direc-
tors shall fraudulently make any dividend which
may impair the capital stock of said company, the
Directors assenting thereto, shall be liable in their
individual capacities to the company for the
amount of the stock so divided, and each director
present when such dividends shall be made shall
be adjudged to be assenting thereto unless he forth-
with enters his protest on the minutes of the board
and gives public notice to the stockholders of the
declaring of such dividends.

Statement of
affairs

Sec. 13. And be it enacted, That at each annual
meeting of the stockholders, the President and
Directors of the preceding year shall exhibit to
them a complete statement of the affairs and pro-

Special meet-
ing.

ceedings of the Company for such year; and special
meetings of the stockholders may be called by
order of the Directors, or by stockholders holding
one-fourth in amount of the capital stock, on like
notice to that required for annual meetings, speci-
fying in addition, the object of the meeting, but
no business shall be transacted at such special
meetings, unless a majority in value of the stock-
holders shall attend in person or by proxy.