160

LAWS OF MARYLAND.

the President, Vice President and board of Direc-
tors are hereby empowered to make by-laws, to fix
the period of elections, to make the necessary reg-
ulation in regard to them, and for any omission to
elect at the period appointed so to elect shall not
work a dissolution of this corporation.

May declare
dividends, &c.

Sec. 6. And be it enacted, That the President,
Vice President and Directors, or a majority of them,
may do all acts necessary for conducting the busi-
ness and carrying out the objects of the corporation,
may declare annual or semi-annual dividends of
profits ascertained by them, may fix and regulate
the time or times, manner and terms and condi-
tions of further subscriptions within the limit afore-
said to its capital stock, the manner of conducting

Proviso.

any election for President, Vice President and Di-
rectors, and of all transfers of stocks; provided,
that no share or shares shall be transferred and no
dividend paid to any stockholder while said stock-
holder remains indebted to the corporation; they
shall have and enjoy all the powers hereinbefore
conferred upon the corporators by this act.

Forfeiture.

Sec. 7. And be it enacted, That if any subscri-
ber or his assignee shall refuse or neglect to pay
any instalment for the space of sixty days next af-
ter the same shall be due and payable, the stock on
which such instalment is due and payable shall be
forfeited to the corporation, and may be sold by
said corporation for its benefit; but the President,
Vice President and Directors, or a majority of
them, may remit such forfeiture on such terms as
they shall deem proper.

Banking pro-
hibited.

Sec. 14. And be it enacted, That this act shall
not be construed to confer upon said corporation
any banking powers, nor the right to issue any
bill or note in the form of a bank note to circulate
as currency.

Reservation.

Sec. 9 . And be it enacted, That the General As-
sembly expressly reserves to itself the right to al-
ter, amend, annul or repeal this act of incorpora-
tion at its pleasure.

In force.

SEC. 10. And be it enacted, That this act shall
take effect on and after the day of its passage.