DANIEL MARTIN, ESQUIRE, GOVERNOR.

1829

curred; and shall make such dividends of their clear nett
profits, from time to time, as they shall judge expedient;
Provided however, That the said president and directors

by the reservation and addition to the capital of said corpo-
ration of the other one-third, the said capital shall amount
to three hundred thousand dollars.

CHAP. 4.
Proviso

Sec. 7. And be it enacted, That no transfer of assign-
ment of, or contract to transfer or assign, any share or shares
of the said stock, shall have any effect as to the said corpo-
ration, until the transferrer or assigner thereof shall have
paid and satisfied the said corporation for all debts due and
payable at the time of such contract, or transfer, or assign-
ment, or attempted transfer or assignment; and all debts
due and payable to the said corporation by any stockholder,
shall be deemed liens on the share or shares of such stock-
holder, which the said corporation may enforce and satisfy
by retaining and taking to itself, until satisfaction thereby
of said debts, the profits and dividends from time to time
accruing upon the said share or shares, and also by public
sale of said shares, either before or after partial satisfaction
in manner aforesaid, out of the said profits or dividends;
giving, however, at least three weeks notice to such stock-
holder previous to the sale of his stock, serving; such notice
on him personally, or leaving it at his place of abode; and
the purchasers of such stock shall be and become by such
purchase, to all intents and purposes, stockholders and mem-
bers of said corporation.

Transfers of stock

Sec. 8 And be it enacted, That the said company shall
not be competent to purchase, take or hold, any real or per-
sonal estate, other than such as may be recovered by them
for premiums, or other debts due to the company, and such
as may be necessary for their immediate accommodation.

Estates that com-
pany may hold

Sec 9 And be it enacted, That all policies, contracts or
Other instruments, not under seal, made by the said compa-
ny agreeable to their by-laws, shall be good and valid to all
intents and purposes.

Contract made

by company valid

Sec. 10. And be it enacted, That the president and di-
rectors shall keep full, fair, and correct entries of their pro-
ceedings, which shall at ail times be open to the inspection
of the stockholders.

Entries of pro-

ceedings to be

kept

Sec. 11. And be it enacted, That the president and di-
rectors may call a general meeting of the stockholders for
any purpose relative to the institution, they giving at least
one month's notice of the same in two or more newspapers
published in the city of Baltimore; and any number of stock-
holders, owning not less than five hundred shares, may at
any time apply to the president and directors to call a ge-
neral meeting of the stockholders for any purpose relative
to the institution; and if the president and directors should

General meeting