416

LAWS OF MARYLAND.

CHAP. 298.

Dividends
declared.

SEC. 8. And be it further enacted, That the directors shall
have power to declare such dividends or profits of the said
corporation as they may deem proper ; provided, that no divi-
dend shall be declared when the capital stock would be
impaired thereby.
SEC. 9. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 8, 1902.

CHAPTER 298.

AN ACT to incorporate the Maryland Surety and Guaranty
Company.

Body
corporate.

SECTION 1. And be it enacted by the General Assembly of
Maryland, That Thomas Mackenzie, Samuel L. Appold, Harry
E. Karr, Edward E. Mackenzie, Thomas H. Robinson and
Howard Proctor, and their associates and successors and all
such, other persons as shall thereafter become stockholders in
the company hereby incorporated, shall be and they are
hereby constituted a body politic and corporate by the name
and style of the Maryland Surety and Guranty Company, and
by that name shall have perpetual succession and be capable
in law to acquire and hold in any wise, dispose of property, and
to sue and be sued, plead and be impleaded in any Court
whatever ; to make and use a common seal and to alter the
same at pleasure and generally to do everything proper to
carry into effect the provisions of this Act or to promote the
objects and designs of the company hereby incorporated.
SEC. 2. The capital stock of said company shall consist of

Capital stock.

twenty-five thousand shares of the par value of ten ($10)
dollars each, aggregating two hundred and fifty thousand
dollars, with the privilege to the said corporation to increase
the same from time to time to one million dollars in shares of
the par value of ten dollars by a vote of the stockholders at a
special meeting or at a meeting to be called for that purpose.
And the incorporators, or a majority of them, shall have power
to open books for subscription at such times and places as they
may deem expedient ; and when said 25,000 shares have been
subscribed, and ten per centum thereon has been paid in, the
stockholders may elect ten directors to serve until the next
annual meeting or until their successors have been duly elected
and qualified ; and the directors so elected by said company and
their successors are hereby authorized and empowered to enjoy
and exercise all rights and privileges which are intended to be
hereby given ; and whenever the capital stock shall be at any-