1836

LAWS OF MARYLAND.

CHAP. 75.

of them may find convenient, useful or necessary, for
exercising and carrying into effect the powers granted
by this act, and in general for the better managing
and promoting the interests of the said corporation
and company; or for the improvement, of the natural
advantages of the lands, rights and privileges vested
in, or owned by them, in as full and ample a manner as
any other corporate bodv within this State may or can
do.

Annual state-

SEC. 7. And be it enacted, That it shall bo the duty
of the president and directors to prepare and exhibit
to the stockholders annually, a statement of the affairs

Dividends

of the company, and to make dividends of the profits
of the company, at such times and in such manner as
they or a majority of them .shall direct.

Liabilities

SEC. 8. And be it enacted, That all, the, property,
estate and joint stock of saiu corporation, shall be
bound and answerable for any contracts or engage-
ments made, or liability incurred by the president and
directors thereof, or through their agency, or by their
authority; but the stockholders shall in nowise be lia-
ble or answerable, therefor in their individual capacities
or private estates, except the said stockholders be made
liable as directors as hereinbefore provided for, and
the service of any judicial process by any authorised
officer upon the president or any director, shall be a
good service upon the corporation.

Requisite previ-
ous to organiz-
ing

SEC. 9. And be it enacted, That the said company
shall not be organised, or commence any manufacture
whatever, before, twenty-five thousand dollars shall
have been subscribed to the capital stock, and actually
paid in current money; nor unless that sum shall be
subscribed and paid in, within three years from the
passage of this act.

Banking prohib-

ited

SEC. 10. And be it enacted, That nothing in this act
shall be construed to authorise the said company tq
exercise banking privileges, or to issue any note in the
nature of a bank note.

Limit 1857.

SEC 1. And be it enacted, That this act shall be in
force only until the year eighteen hundred and fifty
seven, and of the next General Assembly which shall
happen thereafter,