1827

LAWS OF MARYLAND.

CHAP. 197

Joint stock only
accountable for
contracts

tion according to the provisions of this act, not contrary to
the laws of this state and of the United States.
SEC. 5 And be it enacted. That all the property, estate and
joint stock of the corporation shall be bound and answerable
for any contracts or engagements made, or liabilities incurred
by the said president and directors, or through their agency
or by their authority, but the stockholders shall not be an-
swerable or liable therefor in their individual capacities or
private estates, except for the amount of the funds respective-
ly advanced by them to said company, and the owners of a
majority in value of the stock in said company may at any

May be dissolved

time dissolve the said corporation: Provided, That all con-
tracts with and suits by or against the same shall not be im-
paired or affected by such dissolution.

Books of subscrip-
tion for stock

SEC, 6. And be it enacted, That the president and directors
may cause books to be opened at such times and places as
they may direct, for the purpose of receiving subscriptions to
the capital stock of said company, after having given such
notice of the times and places of opening the same for three
weeks in one newspaper in Cumberland, Hagerstown, Fre-
derick and Baltimore cities,

Payment on shares

SEC. 7. And be it enacted, That upon every subscription
there shall be paid at the time of subscribing to the said pre-
sident and directors, or to their agents appointed to receive
such subscriptions, the sum of ten dollars on every share
subscribed, and the residue thereof shall be paid in such in-
stalments and at such times as it may be required by the pre-
sident and directors of said company, and if any subscriber
shall fail or neglect to pay any instalment or part of said sub-
scription thus demanded, for the space of sixty days next
after the time the same shall be due and payable, the stock
on which it is demanded shall be forfeited to the company,
and may be sold by the said president and directors for the
benefit of the company

Annual accounts,

SEC. 8. And be it enacted, That the president and directors
of the said company shall meet at their office at the works, on
the first Monday in August, annually, when clear and distinct
statements of the affairs of the said company shall be made
out, tor the satisfaction of the stockholders, and to declare

Dividends of profit

and make such dividend on the stock as they may think pro-
per of the nett profits arising from the resources of the said
company, after deducting the necessary current and probable
contingent expenses, and that they shall divide the same
amongst the proprietors of the stock of said company, in pro-
per proportions to their respective shares, and cause a notice
of such dividend to be published for three weeks in one news-
paper in Cumberland, Hagerstown, Frederick and Baltimore
cities.

Limit 20 years.

SEC. 9, And be h enacted, That all the rights, privileges
and immunities granted to the Allegany Iron Company, shall
continue in full force and virtue for the period of twenty years
from its organization, and thereafter, until the Legislature
shall alter or repeal this charter,