1829.
LAWS OF MARYLAND.
CHAP. 196.
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and for the exercise of the powers of the chairman
and
directors given by this act.
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Invest surplus
funds.
Dividends.
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Sec. 6. And be it enacted,
That the chairman and directors
shall have full power and authority to vest the surplus funds
of the corporation from time to time, in public or bank stocks,
and to sell and dispose of the same, and they shall semi-annually
declare and pay over to the stockholders, such dividends
of the clear profits of the corporation, as they shall judge
proper.
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Annual meeting.
General report.
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Sec. 7. And be it enacted,
That on the first Monday of
every August hereafter, or within thirty days thereafter there
shall be a meeting of the stockholders of the corporation convened
by the chairman and directors, after notice given of
the meeting in one or more newspapers of the city of Baltimore,
to which meeting the chairman and directors shall submit a full
and particular statement of the affairs, property and means,
expenditures and receipts, of the corporation for the past year,
and the resolutions of the stockholders, assembled at such
meeting, if the stockholders actually concurring in and personally
voting for such resolutions, be owners of a majority of
the shares of the corporation's capital stock, shall be binding
on the corporation and the chairman and directors, if not inconsistent
with law, and the provisions of this act.
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Special general
meetings.
Proviso.
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Sec. 8. And be it enacted,
That other meetings of
the stockholders may at any time be held, when called for by
the chairman and directors, or by any number of stockholders
who shall be holders of not less than one fourth of the stock
actually subscribed and paid for, and the resolutions of a majority,
in amount of shares of the stockholders attending such
meeting, shall be binding on the corporation, and the chairman
and directors; Provided, such majority be the holders of the
major part of the shares of the corporation's capital stock,
actually subscribed and paid for; And provided also, That
notice of such intended meeting be given in two or more
of the newspapers of the city of Baltimore, two weeks before
the time of the meeting.
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Legal process.
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Sec. 9. And be it enacted,
That the service of legal process,
on the chairman, or any one of the directors of the corporation,
shall be declared a service of the same on the corporation.
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Failure to pay instalments.
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Sec. 10. And be it enacted,
That if any stockholder shall
fail to pay his or her stock, such instalment or instalments,
as may be demanded or required in manner aforesaid the dividend
or dividends, thereafter to be paid to such stockholder,
as well upon the money by him or her regularly paid, as
upon the money paid after defaults, shall be calculated, only
from the time when such last mentioned instalments shall be
made good.
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Right to tax 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,
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