1860.

LAWS OF MARYLAND.

CHAP 390.

stocks, and to dispose of the money or property of
the company, in such manner, not contrary to law,
as to them may appear most advantageous to the

By-laws.

company.

SEC. 10. And be it enacted, That the president
and directors shall make such by-laws, rules and
regulations, not inconsistent with this act, or the
constitution and laws of this State, or of the United
States, as may be deemed necessary for the govern-
ment of its officers, and the conduct of its affairs.

Dividends.

SEC. 11. And be it enacted, That the president
and directors may declare dividends of the profits
of the company, semi-annually, or so much thereof
as shall seem to them advisable.

Officers, &c.

SEC. 12. And be it enacted, That the president
and directors shall have power and authority to ap-
point a secretary, and such other clerks and officers
under them, as shall be necessary for transacting
the business of the company, and may allow such
pay and salary, as they shall judge reasonable;
shall provide for compensating the president of the
company; shall provide for the appointment of
president, pro-tem, who shall exercise the autho-
rity of the president for the time being.

Annual state-
ment.

SEC. 13. And be it enacted, That the president
and directors shall keep full, fair and correct entries
of their transactions, which shall at all times be
open to the inspection of the stockholders; they
shall annually prepare a full and true statement of
the affairs of the company, which statement shall
be certified by the president and secretary, a copy
thereof, sent sealed to every stockholder.

May purchase
building.

SEC. 14. And be it enacted, That the president
and directors shall have power to hire or purchase
a suitable building, and the ground occupied by the
same, within the limits of the city of Baltimore,
for the purpose of transacting the business of the
company.

Individual
property of
stockholder
exempt from
liabilities of
the company.

SEC. 15. And be it enacted, That no stockholder
in this company, shall be answerable in person or
individual property, for any contract or agreement
of said company, or for any losses, deficiencies or
failures of the capital stock of this company, dur-
ing the period of his or her owning such stock, but
the whole of said capital stock, together with all
property, rights and credits, belonging thereunto,
and nothing more shall at any time be answerable
for the demands against the company.