1836.

LAWS OF MARYLAND

CHAP 75.
Capital $50,000

SEC. 2 And be it enacted, That the capital stock
of said company, shall not exceed tire Bum of fifty
thousand dollais, and shall be divided into two thou
sand shares of twenty five dollais each, and eveiy
person who shall become the owner of one or more
shares of the said stock by purchase transfei, devise

A stockholder

or in course of distubution, shall tbcieby become a
stockholder in the said company, and every person who
shall be divested of all his stock in the said company
by sale and tiansfer, or by operation of law, shall
thereby cease to be a stockholder, and the said shares
of stock as to all legal pui poses, shall be deemed and

Stock personal

considered as personal estate, and shall be assignable
in such manner, and under such restrictions, as the
law and ordinances to be made by the President and
Directors or a majority of them shall direct.

Amount of debt
limited

Individual liabi-
lity

SEC 3. And be it enacted, That if the debts which
the said corporation may at any time owe, shall exceed
the amount of its capital actually paid in, the direc-
tors under whose administration this may happen, shall
be liable for such excess in then natural and private
capacity, and an action or actions, suit or suite, may
in such case be brought against them or any of them,
or thir hens, exccutors of administrators in any
court of record in this State, by any creditor or credi-
tors of the said corporation and may be prosecutcd to
judgment and execution, which execution shall hate all
the force and effect as at common law in other cases,
nny covenant, condition or agreement to the contrary
notwithstanding, but nothing herein contained shall be
consti ued to exempt the said corporation, or the lands,
tenements, goods chattels and estate of the same,

Method to ex-
honerate

from being also liable for, and chargeable with, said
excess, provided always, that such of the said directors
as may have been absent when the said excess was
created, or who may have dissented from the resolution
or act whereby the same was created, may respective
ly exonerate themselves from being so liable, by forth
with giving notice of the fact, and of their absence or
dissent, to the Governor of the State, and to the stock-
holders at a general meeting, which they shall have
power to call for that purpose.

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scriptions

SEC 4. And be it enacted, That the said
Cramer, William Towson, Michael A. Finley...