1838.

LAWS OF MARYLAND.

CHAP. 267.

president, the vote of each member on every question
decided by them, when a division shall have been cal-
led for, shall be entered on the journal, if such entry
shall be demanded by any member of the said board
which shall be laid before the stockholders, at their
general meetings.

Shall keep regular

books of accounts.

Balance annually.

Declare dividends.

Sec. 13. And be it enacted, That the president and
directors shall cause regular books of accounts, be

kept and balanced at least once in every year, and as

often as they shall declare dividends, and they shall
cause dividends of the nett profits of the company, or
so much thereof as they may deem it prudent to divide,
to be declared and paid to the stockholders at such
time and in such manner as the bye-laws may pre-

Beyond the pro-

fits.

Directors liable in-
dividually.

scribe, and should any portion of the capital stock

of the company, be included in any dividend so declar-

ed and paid, the directors by whom such dividend is

declared, shall be liable respectively to all persons
holding claims, or demands, against said company to
be recovered against them in the same manner as is
prescribed in the fourteenth section of this act, and in

the event of any dispute, or suit at law arising thereon,

they shall be subject to all the provisions of the said
fourteenth section, at the, period of declaring such di-

And the stockhold-

ers liable.

vidend, and moreover each stockholder, who shall par-
ticipate in the dividend of such capital stock, shall be
liable to such creditors to the extent to be recovered as
aforesaid, and in event of dispute or any suit of law
as aforesaid, subject to the said provisions of the said
fourteenth section of the capital stock so received by

Administrators, &c.

not liable.

him under such dividend, but no administrator, guar-
dian, trustee, or other person charged with a fiduciary
trust, shall be so liable, but such dividends of the ca-
pital stock, may be made when there shall exist no
claims, or demands against said company, and such
dividend shall have been ordered by the stockholders
in general meeting, and after three months previous
notice in some newspaper in the neighbourhood, or by
some other convenient mode of notification.

Liabilities of the

company.

Sec. 14. And be it enacted, That all the estate and
property of such company, shall be bound and answer-

able for the contracts and engagements made, and lia-

Service of process.

bilites incurred by said company, and the service of
any legal process by any officer authorized by law to