112

LAWS OF MARYLAND.

for which it was incorporated ; provided said
assessments shall be of equal amount on each

How levied.

share, and shall be levied by the board of direc-
tors of said company, and shall be ratified by a
majority in interest of the stockholders thereof,
at a meeting to be called for that purpose, as
herein provided, and shall not exceed in the
whole ten per cent, of the par value of the said
stock.
SEC. 2. And be it enacted, That whenever it
shall be deemed necessary by the board of

Make assess-
ment on capi-
tal stock.

directors to make an assessment on the capital
stock of said company, as provided by the pre-
ceding section, for the purpose therein stated,
said board of directors shall make and levy
such assessment, and shall thereupon call a
meeting of the stockholders of said company,
to be held in the city of Baltimore, and shall
fix a time and place for said meeting, and shall
give notice, by advertisement in some news-
paper, printed in Baltimore, of the levying of
said assessment, and of the amount levied upon
each share of stock, and of the time and place
fixed for said meeting, which notice shall be

Publish meet-
ing.

published once a week for three successive
weeks before the day fixed for such meeting,
and if, at said meeting, a majority in interest
of the said stockholders shall be present, then
the question of ratifying or refusing to ratify
said assessment shall be submitted to said meet-
ing, and unless a majority in interest of the
holders of all of said company's stock shall
vote in favor of ratifying the said assessment,
then the same shall become void and of no ef-
fect ; but if a majority in interest vote in favor
of ratifying the same, then the said assessment
shall be effectual and binding, and the board of
directors shall proceed to collect the same.

Assessments
made a lien.

SEC. 3. And be it enacted, That all assessments
made in conformity with the preceding sections
shall be a lien on the respective shares of stock
upon which, they are levied ; and unless the
same shall be paid within such time as the
board of directors shall prescribe, not less,
however, than sixty days after such ratification,

Power to sell
shares.

then said board of directors shall have power to
sell said shares of stock to pay the same by giving