WILLIAM GRASON, ESQUIRE, GOVERNOR.

1840.

pany; the board of directors shall declare an annual divi-
dend of the nett proceeds, if any, after defraying the inci-
dental expenses of the company, to be paid to the stock-
holders in such manner as the board may direct.

CHAP. 21.
Dividend.

SEC. 4. And be it enacted, That the said corporation and
their successors by the name aforesaid, shall be and they
are hereby made able and capable in law to have, pur-
chase, receive, possess, enjoy and retain to them and their
successors, lands, tenements, rents and other hereditaments
in fee simple or any less estate; and also goods, chattels and
effects of any kind and quality whatever; and also to rent,
lease, sell, convey, transfer and dispose of any such real,

Corporate pow-
ers, &c.

personal and mixed estate at pleasure; provided, that the
total value of the property of said company, real, personal
and mixed, exclusive of library, philosophical and chemical
apparatus and building in which the library is contained,
shall not exceed the sum of one thousand dollars at any
time.

Limit of pro-
perty.

SEC. 5. And be it enacted, That each stockholder shall
be entitled to a certificate for the stock he or she may pur-
chase and pay for, which certificate may be transferred at
pleasure by surrendering the same at the library rooms,
where it shall be immediately renewed to the transferee by
the proper officers of the company, provided, that no per-
son shall be. considered a member of this company, or be
entitled to vote, or to receive any part of the dividends un-
less he hold a certificate of stock.

Stockholder en-
titled to certi-
ficate of stock.

Proviso.

SEC. 6. And be it enacted, That said corporation is here-
by prohibited from issuing any note, certificate, device or
evidence of debt to be used as currency, and that the right
is hereby expressly reserved to the General Assembly of
Maryland to repeal this act at its pleasure.
SEC. 7. And be it enacted, That this act shall endure for
thirty years from the date of its passage, if not sooner re-
pealed by the General Assembly.

CHAPTER 21.

Banking forbid

Right to repeal

In force.

An act to incorporate the Town of Frostburg in Allegany
County,

SECTION 1. Be it enacted by the General Assembly of Ma-
ryland, That the citizens of Frostburg, in Allegany county,
*2

Passed Jan. 21,
1841.

Incorporated.