1860.

LAWS OF MARYLAND.

CHAP. 138

subscription, such instalments as the president and
directors of said railroad shall require, and should
any subscriber fail or neglect to pay any instal-
ment, or any part of said subscription for the space
of thirty days next after the time the same shall
be due and payable, the stock on which it is de-
manded shall be forfeited to the company, but the
president and directors may remit any such for-

Proviso.

feitures, on such terms as they think proper;

Provided, always, that in addition to the forfeiture
aforesaid, the said company shall be entitled to re-
ceive, sue for and recover the said instalment and
subscription due as aforesaid, in such manner as
other debts and claims are now recoverable by-
law.

Officers to
give bond.

SEC. 9. And be it enacted, That the president and
directors of said company shall require and re-
ceive of, and from the treasurer and every other of-
ficer and other person by them employed, bonds in
sufficient penalties and with such sureties as they
shall by their by-laws, rules and regulations deter-
mine for the faithful performance of the several du-
ties and trusts to him, them or any of them com-
mitted.

Dividends.

SEC. 10. And be it enacted, That dividends of so
much of the profits of the said company as shall
appear advisable to the directors shall be declared
at least twice a year in every year, and paid to
the stockholders on demand, at any time after the
expiration of ten days therefrom, but the divi-
dends shall in no case exceed the net profits ac-
tually acquired by the company so that the capital
stock shall never be thereby impaired, and if the
said directors shall fraudulently make any dividend
which may impair the capital stock of said com-
pany, the directors consenting thereto shall be
liable in their individual capacity to the company
for the amount of stock so divided, and each di-
rector present when such dividend shall be made,
shall be adjudged to be consenting thereto, unless
he forthwith enters his protest on the minutes of
the board, and gives notice to the stockholders at
the declaring of such dividend.

Meetings,
directors'
statements,
&c.

SEC. 11. And be it enacted, That at each annual
meeting of the stockholders, the directors of the
preceding year shall exhibit to them a complete
statement of the affairs and proceedings of the