1838.

LAWS OF MARYLAND.

CHAP. 79,
Restricted to pro-

fits only.

Directors responsi-

ble if exceeded.

paid to the stockholders, or their legal representatives,
on demand at any time after the expiration of ten
days after having been declared, but said dividends
shall in no case exceed the amount of the nett profits
actually acquired by the said company, so that the
capital stock shall never thereby be impaired, and if
any dividend shall be declared which shall impair the
capital stock of the said company, the directors con-
senting thereto, shall be liable in their individual ca-
pacities to said company for the amount of the stock
so divided and each director present when such divi-
dend shall be declared, shall be adjudged consenting
thereto, unless he shall forthwith give public notice to
the stockholders, of the declaring of such dividend.

Liability in case of
dividing where

insolvent.

Mode of exemption.

Sec. 11. And be it enacted, That if the directors of
said company shall declare and pay any dividend when
the company is insolvent, or any dividend the pay-
ment of which would render it insolvent, they shall be
jointly and severally liable for the debts of the com-
pany then 'existing, to an amount not exceeding the
amount of such dividend; provided, that if any of the
directors shall be absent at the time of making the di-
vidend, or shall object thereto, and shall file their
objections in writing, they shall be exempted from the
said liability.

Book-stockholders'

names—shares.

Transfers.

Sec. 12. And be it enacted, That the president and
directors shall cause to be entered in a book prepared
for that purpose, the names of all the stock-holders
with their respective number of shares; they shall also
cause to be entered therein each and every transfer of said
stock which shall be made from time, to time; the mode
of transferring the stock may be regulated by the by-
laws, and the directors shall also keep fair and correct
entries of their proceedings, which shall at all times be
open to the inspection of the stockholders.

Instalments paya-
ble.

Case of neglect to

pay.

Sec. 13. And be it enacted That the capital stock shall
be paid for in such instalments, at such times and un-
der such regulations as shall be directed in the by-laws,
the directors giving three weeks notice of each call
for an instalment, by public advertisement, and in

stalment due on his or her stock, for the space of sixty
days next after the time the same shall be due and
payable, the stock of such person or persons shall be