1829.
LAWS
OF MARYLAND.
CHAP. 42.
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each dividend of profits, a statement of the affairs
of the company,
shall be exhibited for the inspection of the stockholders.
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Case of non-payment
of instalments.
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Sec. 7. And be it enacted,
That the President and Directors,
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 Fredericksburg, and one 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 time to time when the same shall have been payable,
shall be paid before the day limited in such notice, or the owner
of such stock may be compelled, by action, to pay all such
instalments.
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Minutes—transfers.
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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 [book] 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
may be issued in such manner and form as the Board shall
from time to time direct.
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Authority of general
meetings.
Proviso
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Sec. 9. And be it enacted,
That the stockholders at any
general annual meeting, or at any special meeting, called in
such manner as the by-laws shall provide, at which the holders
of a majority of the whole number of shares of stock
shall be present, shall have full power to alter or repeal any
by-laws made by the President and Directors, and also to
make such by-laws, rules and regulations as a majority of
the whole number of votes of the stockholders shall assent
to, which shall be binding on the President and Directors until
repealed, in like manner as a meeting of the stockholders;
Provided, That such by-laws shall not be contrary to any of
the provisions of this charter, or the laws of this state, or of
the United States.
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Liability for debts.
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Sec. 10. And be it enacted,
That all the joint stock, property,
funds and effects of the said company, shall be answerable
for all the contracts made by or for the said company, and
for all the just claims against the same; but none of the stockholders
shall be liable in persons or property, for any contracts
of, or claims against the said corporation; and the service of
legal process on any of the Directors, shall be sufficient service
on the corporation.
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State right reserved.
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Sec. 11. And be it enacted,
That nothing in this act contained
shall be construed to restrict the right of the Legislature,
which is hereby reserved in its fullest extent, to impose, from
time to time, and at all times hereafter, and levy such reasonable
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