44 LAWS OF MARYLAND.

and copy the same, lie shall forfeit aid pay to such stock-
holder the sum of fifty dollars for each and every refusal.

Inspection of Books.

SEC. 48. The books of every corporation of this State, inclu-
ding such books as show the names of the stockholders thereof,
and their places of residence and the number of shares held
by them, shall during the usual business hours of every busi-
ness day be open for the inspection of any person or persons
holding in the aggregate five per cent, of the outstanding
capital stock, or five per cent, of any class thereof, if two or
more classes have been issued, at its principal office in this
State; every officer or agent of any such corporation who shall
refuse to exhibit the same, shall be guilty of a misdemeanor,
and the corporation shall forfeit and pay to the stockholder
demanding such inspection the sum of fifty dollars for every
such refusal.

DUTIES AND LIABILITIES OF DIRECTORS.
Accounts and Statements.

SEC. 49. The directors, managers and trustees of every cor-
poration of this State shall keep full and fair accounts of their
transactions; and they shall annually prepare a full and true
statement of the affairs of the corporation, which shall be sub-
mitted at the annual meeting of the stockholders or members.

Liability of Directors and Officers.

SEC. 50. First: If the trustees, managers or directors of any
such corporation shall declare and pay any dividend when the
corporation is insolvent, or any dividend, the payment of which
would render it insolvent, or would diminish the amount of
the capital stock, they shall be jointly and severally liable to
the extent of the dividends so declared and paid for all the
debts of the corporation then existing, and also for all that
shall thereafter be contracted, while they shall respectively
continue in office, even although the whole amount of the
capital of said corporation has been paid in. But if any of
the trustees, directors or managers of said corporation shall
object to declaring such dividend, or to the payment of the
same, and shall, at any time before the time fixed for the pay-
ment of the same, record a certificate of their objection in
writing with the clerk of the Court in which the certificate of
incorporation is recorded, they shall be exempt from the lia-
bility imposed hereby. Second: No loan of money shall be