1838.

LAWS OF MARYLAND.

CHAP. 79.

Books &c. may be

demanded on trial.

to summon any of the officers of said company to bring

papers of said company, and on the failure of said offi-
cer so to do, it may, in the discretion of the court, be
deemed and taken as a confession by the said compa-
ny, that they have contracted debts and entered into
engagements and liabilities beyond the amount of their
actual assetts as aforesaid.

Process for closing

the concern.

Sec. 16. And be it enacted, That at any time hereaf-
ter, any number of stockholders holding and owning,
bona fide, two thirds of the then capital stock, shall:
have full power and authority, if they deem it expe-
dient, to order and direct the business of the company
to be brought to a close; and in that event, or at the
termination of this act, it shall be the duty of the di-
rectors to sell, convey, and dispose of all the lands,
tenements, property and effects of the company, and
the proceeds thereof, with all other monies of the cor-
poration, after the debts thereof shall have been paid,
to divide among the members thereof, in their just
and equitable proportions.

Rights reserved to

legislate.

Sec. 17. And be it enacted, That nothing herein con-
tained shall be construed to restrict the right of the
Legislature, to impose from time to time, and at all
times during the continuance of this act, and levy and
collect such reasonable tax upon the capital stock or
estate of this corporation, as may comport with the
general system of taxing monied institutions.

Limit 1865.

Sec. 18. And be it enacted, That this act shall con-
tinue and be in force until the first day of January
eighteen hundred and sixty-five, unless the business of
the company shall be brought to a close, as is hereto-
fore provided for.

Banking prohibit-

ed.

Sec. 19. And be it enacted, That nothing in this act
shall be so construed, as to confer banking privileges
on said company, nor the right to issue any note in the
nature of a bank note.

Right to repeal or

amend.

Sec. 20. And be it enacted, That the legislature
may at any time repeal or amend this act, when they
may deem said repeal or amendment beneficial to the
community, or the said company.

Charter to cease if
less than 8 stock-
holders.

Sec. 21. And be it further enacted, That whenever
the stock of said company be virtually and bona fide
held by less than eight stockholders, the charter of