1837

LAWS OF MARYLAND.

CHAP. 69.
Limit.

president and directors sball not divide of said profits more
than two thirds, until, by the reservation and addition to the
capital of said corporation of the other one third, the said
capital shall amount to two hundred and fifty thousand dollars,
at which sum the said capital shall be limited

Share held as lein
for debts,

SEC. 7 And be it enacted, That no transfer or assignment
of, or contract to transfer or assign any share or shares of the
said stock, shall have any effect as to the corporation, until
the transferer or assigner thereof shall have paid and satisfied
the said corporation for all debts due and payable at the time
of such contract, or transfer, or assignment, or attempted trans-
fer or assignment. And all debts clue and payable to the
corporation by any stockholder, shall be deemed liens on the
shares of such stockholder, which the said corporation may
enforce and satisfy by retaining and taking to itself, until
satisfaction thereby of said debts, the profits and dividends
from time to time accruing upon the said shares, and also by
public sale of said shares, either before or after partial satis-
faction in manner aforesaid, out of the said profits or divi-
dends; giving however at least three weeks notice to such
stockholder previous to the sale of his stock, serving such
notice on him personally, or leaving it at his place of abode;
and the purchasers by virtue of the provision of this section,
and of the second section of this act, shall be and become by
such purchase, to all intents and purposes, stockholders and
members of said corporation.

Restriction of pro-
perty

SEC. 8. And be it enacted, I hat the said company shall
not be competent to purchase, take, or hold any real or per-
sonal estate, other than such as may be recovered by them for
premiums, and such as may be necessary for their immediate
accommodation.

Contracts declar-
ed valid

SEC. 9. And be it enacted, That all policies, contracts, or
other instruments not under seal, made by the said company
agrreably to their by-laws, shall be good and valid to all in-
tents and purposes.

Open records

SEC. 10, And be it enacted, That the president and direc-
tors shall keep full, fair and correct entries of their proceed-
ings, which shall at all times be open to the inspection of the
stockholders.

General meeting

Sec. 11. And be it enacted, That the president and direc-
tors may call a general meeting of the stockholders for any
purpose relative to the institution, they giving at least one
month's notice of the same in two or more newspapers pub-
lished in the city of Baltimore: And any number of stockhol-
ders, owning not less than five hundred shares, may at any
time apply to the president and directors to call a general
meeting of the stockholders, for any purpose relative to the
institution, and if the president and directors should refuse
to call such a meeting, the said stockholders, proprietors of
not leas than the aforesaid number of shares, shall have power
to call a general meeting of the stockholders, giving at least
one month's notice in two or more newspapers published in
the city of Baltimore, and specifying in such notice the object