1828

LAWS OF MARYLAND.

CHAP. 183.

shall approve, conditioned that he shaH faithfully execute
the said office of treasurer, and account for and pay and de-
liver, at such time and times, and to such person and per-
sons, as the said directors shall require, all monies, notes,
and other securities, papers and effects, belonging to the said
corporation, which shall be entrusted to his care, or be in
his possession; and the directors may require a similar bond,
with security, to be given by any other officer or agent
which they shall appoint, who may be entrusted with the
receipt or care of any money, or other valuable effects of
the company.

Dividends

Sec. 6. And be it enacted, That the directors shall de-
clare dividends of the profits realized by the company, or
of so much thereof, from lime to time, as a majority of them
shall deem expedient, after reserving such sum as they shall
decide to be reasonable to meet the expenses of repairs, and
to provide for the building or purchase of any new boat,
carriage, or other articles, necessary for the use of the com-
pany; and at the time of each annual election, and also at
the time of paying each dividend of profits, a statement of
the affairs of the company shall be exhibited for the in-
spection of the stockholders.

Shares, upon

which any instal-

ment is due to be

forfeited

Sec. 7. And be it enacted, That the president and di-
rectors, or a majority of them, shall have full power, after
giving at least thirty days notice, by advertisement inserted
in at least one newspaper in Washington, Alexandria and
George-town, and two in Baltimore, to forfeit and dispose
of, for the use of the company, any share or shares of stock
upon which one or more instalments shall be due, unless the
instalments so due, with interest thereon from the time
when the same shall have been payable, shall be paid be-
fore the day limited in such notice, or the owner of such
stock may be compelled by action to pay all such instal-

Regular minutes

of proceedings to

be made

Sec. 8. And be it enacted, That the directors shall cause
regular minutes of their proceedings as a board to be made
and preserved in a book; and regular books to be opened
and kept containing a record of the number of shares of
stock owned by each stockholder, and of all transfers of
stock; and such transfers of stock shall only be made on the
book so provided and kept, by the stockholder, or his legal
representative, in person, or by attorney authorised in such
manner as the by-laws shall provide; and certificates of
stock, or of transfers, maybe issued in such manner and
form as the board shall from time to time direct.

Alteration of by-
laws, &c.

Sec. 9. And be it enacted, That the stockholders at any
general annual meeting, oral any special meeting, called in
such manner as the by-laws shall provide, atwhichtheholders
of a majority of the whole number of shares of stock shall
be present, shall have full power to alter or repeal any by-