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CHAP. 81.
Dividends.
General powers.
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the company to effect the objects aforesaid; to provide for
declaring and paying to the stockholders dividends of the
profits arising from the operations of said company; to pro-
vide for the manner and evidence of transfers of the capi-
tal stocks, to enforce payments thereof, and also to pre-
scribe the conditions of forfeiture in cases of nonpayment,
and to dispose of all or any such forfeited stock as they in
their discretion shall deem proper and expedient; and gene-
rally to do, execute, or authorise to be done and executed,
all such acts, deeds, conveyances or other writings, and
make, revise, alter or amend all such by-laws, ordinances,
resolutions, rules, regulations not inconsistent with the
laws of this State or of the United States, as the said pre-
sident and directors, or a majority of them, may deem ne-
cessary, useful or convenient, and which shall be compe-
tent to the full and beneficial exercise of, and carrying into
effect the powers above enumerated, and all other powers,
rights and privileges granted to and vested the Havre-de-
Grace Real Estate and Manufacturing Company incorpora-
ted by this act.
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Stock to be per-
sonal property.
Liability.
Legal process.
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SEC. 7. And be it enacted, That the stock of said com-
pany shall be deemed and considered personal property or
estate; and all the joint stock, property, funds and effects
of said company shall be liable to, and amenable for all or
any of the contracts made or authorised by said company,
and for all just claims against the same; and the service of
legal process on the president or any one of the directors,
shall be a sufficient service on this corporation.
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May alter or re-
peal by-laws.
Make by-laws.
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SEC. 8. And be it enacted, That the stockholders at a
general or special meeting, called in such manner as the by-
laws shall prescribe, at which the holders of a majority of
the stock shall be present or represented, shall have power
to alter or repeal any by-laws made by the president and
directors; and also to make such new by-laws, rules and
regulations as the holders of a majority of the whole num-
ber of shares of the stock shall determine upon, conforma-
bly to the limitations and restrictions of this act.
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Banking forbid.
Right to repeal.
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SEC. 9. 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.
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