1804.

NOVEMBER. L A W S OF M A R Y L A N D.

CHAP.

LXXVII.

many votes as he may hold shares, and the directors so chosen shall serve for one year next ensuing
the elections respectively, and until others shall be chosen, and no longer, and at their first meeting
after each election, shall choose one of their own number as president; and should it at any time
happen that an eiection of directors shall not be made upon the day when pursuant to this act it ought
to have been made, the said corporation shall not for that cause be deemed to be dissolved, but it
shall be lawful upon any other day, within ten days thereafter, to hold and to make an election of di-
rectors, in such manner as shall have been regulated by the by-laws and ordinances of the said cor-
poration; and in case of the death, resignation or disqualification, of a director, the place of such
director, for the remainder of the year, shall be filled up by the board of directors for the time being,
and in case of the sickness or necessary absence of the president, his place may be supplied by any
other director whom the board of directors may, for that purpose, appoint.

Names to be
entered in a
book, &c.

V. AND BE IT ENACTED, That the directors thus chosen, shall immediately cause to be entered
in a good and sufficient book, in folio, the names of all the members of the corporation, with their
number of shares thereto respectively annexed, and in the same book they shall also cause to be en-
tered each and every transfer that shall from time to time be made of any of the said shares; and
the stock of the said corporation shall be assignable and transferable, under such rules, regulations
and by-laws, as shall be prescribed in that behalf by the said body corporate, but all debts actually
due or payable to the corporation, (days of grace being past,) by any stockholder requesting a trans-
fer of his stock, or demanding a dividend, must be satisfied before such transfer or dividend be made,
unless the board of directors shall order it to the contrary.

Directors to re-
quire notes, &c.

VI. AND BE IT ENACTED, That the said directors shall immediately require from the several
stockholders promissory notes, with two approved endorsers, for the payment of the remaining nine
tenths of their respective subscriptions, in nine several notes, each for one tenth part, payable on
demand, or such collateral security For the payment thereof, either in the stock of the United States,
in bank stock or in land, as the said directors from time to time shall require and approve, which
said notes, or such part of them as shall remain unpaid, shall be renewed in the month of January
in every year, with the same, or two other such endorsers, as the said directors for the time being
may require and approve; and in case such collateral security should at any time thereafter become
manifestly insufficient from a depreciation thereof, or otherwise, then the said directors shall and
they are hereby authorised and directed to require the party to give to them such additional or other
security as aforesaid, as they may approve; and any stockholder who may refuse- to give such notes,
or such collateral security as may from time to time be required as aforesaid, shall forfeit all his in-
terest in the corporation, and his share, shares or parts of shares, shall be disposed of by the said
directors for the benefit of the corporation, to such person or persons as may apply for the same
who may be admitted a member or members, according to the restrictions and qualifications herein
contained, but the money which the directors shall receive from the sale of the share or shares, or
parts of shares, actually paid for by such delinquent, shall be repaid by them to him, his executors,
administrators or assigns, but he shall nevertheless remain liable tor the proportion of any loss which
may arise from risks taken antecedent to said refusal; provided, that in case of the death of any
stockholder, the neglect or refusal of his executors, administrators or legatee, to give the notts, or
such collateral security as may be required as aforesaid, shall not be a forfeiture of the interest which
the said stockholder in his life-time had in the corporation, but the said executor, administrator or
legatee, shall have one whole year next after the day of the said death, either to give the said notes,
or such collateral security as aforesaid, or to transfer the said share or shares, and in case the said
notes, or the said collateral security, shall not be given within the term of one year, by such
executor, administrator, legatee or assignee, all interest which the said stockholder or stockhold-
ers had in his life-time in and to the said corporation shall be forfeited, and shall be disposed of as
aforesaid by the said directors, and such executor or administrator shall be and he is hereby autho-
rised and empowered, at any time within the said term of one year, to sell or transfer such shares
as the orphans courts of the county where such person or persons have obtained letters testamentary,
or letters of administration on the Said estate, shall from time to time order and direct.

And may make
insurances, &c.

VII. AND BE IT ENACTED, That the said directors shall have full power and authority to make
insurances upon vessels or merchandises at sea, or going to sea, or upon any goods, wares, merchan-
dises, freights or other personal property, going or gone, by land or water, and to lend money on
bottomry or respondentia, and generally to transact and perform all the business relative the objects
aforesaid.

Not to require
flirt her pay
ments, &c.

VIII. AND BE IT ENACTED, That it shall not be lawful for the directors, at any time after the re-
ceiving of the first payment as aforesaid, to require or demand from the stockholders any other or