1224

LAWS OF MARYLAND.

allowed, all back dues and fines must be paid to the date of his
subscription, and every member or stockholder in person or by
proxy shall have one vote for each share he may hold.
SEC. 6. And be it enacted, That no one shall be eligible as

Eligible as
president,
etc.

president, vice-president, secretary or director, who is not a
bona fide holder of at least ten shares of the stock of this cor-
poration, which upon his ceasing to hold, it shall be the duty
of the directors to declare his or their offices vacant, and to fill
the vacancy.

Transact
business.

SEC. 7. And be it enacted, That as soon as one thousand
shares are subscribed for and the sum of twenty thousand
dollars paid or secured to be paid, this corporation shall be
competent to transact all kinds of business for which the same
is established.

Stockholder
not answer
able in
person.

SEC. 8. And be it enacted, That ho stockholder of this com-
pany shall be answerable in person or individual property for
any contract of said company or for any loss or deticiences or
failures of the capital stock of this company, but the whole of
said capital stock, together with all the property rights and
credits belonging thereto, be answerable for debts and liabili-
ties of said company.

Transferring
of stock.

SEC. 9. And be it enacted, That the stock of this corpora-
tion may be assigned or transferred on the books of this cor-
poration in person or by attorney only, but no stockholder
indebted to the corporation shall be permitted to make a
transfer of his stock or receive any dividend until such debt
be paid or secured to the satisfaction of the president and
directors.

Take insur-
ance on
property.

SEC. 10. And be it enacted. That the said company shall
have authority and may take insurance on any kind of prop-
erty against loss or damage occasioned by lightning, whether
fire shall result therefrom or not, and may make such by-laws
and regulations concerning liability for loss or damage by
lightning as may be deemed necessary.
SEC. 11. And be it enacted, That the directors may call a

Meeting of
stockhold-
ers.

general meeting of the stockholders for any purpose relating
to the affairs of the corporation, by giving at least ten days'
notice thereof in one or more of the newspapers published in
Worcester county, and by written or printed notices mailed to
the stockholders ; they may be required on the written appli-
cation of the shareholders holding a majority of the shares of
stock to call a general meeting of stockholders, and in case of
their refusal or failure so to do, the said shareholders holding a