1837.

LAWS OF MARYLAND.

CHAP. 59.

shall from time to time be made of any of said shares;
the stock shall be assignable awl transferable under
such rules and regulations as shall be prescribed by the

Accounts.

society or company; the directors shall also keep fair
and correct entries of their proceedings, which shall
it all times be open to the inspection of the stockhold-
ers, and they shall make an annual exhibit to the
company, of the state of the business: any person who

Instalments.

shall refuse or neglect to pay any instalment due on
his or her stock, within three months after he or she
shall be notified by the directors that an instalment is
due according to the agreement now existing for the
payment of the stock, that is to say, five dollars on
every share, every ninety days if called for, shall sur-
render and forfeit such share or shares to the company,
who shall he authorised to keep or sell the same, or
may extend the time of payment to the noncomplying
stockholders.

Method of dis-
solving.

SEC. 5. And be it enacted, That at any time hereaf-
ter any number of stockholders, holding over two
thirds of the capital stock, shall have authority if they
deem it necessary, to order the business of the compa-
ny to he brought to a close, and settled according to
the proportions due to each, and the directors for the
time being shall have full power to sell, dispose of and
convey all the lands and other property of the concern
under the direction of the society or company.

May enlarge the
capital at the
expiration of
this act; 1878.

SEC. 6. And be it enacted, That the said company if
they shall at any time deem it necessary, shall have
power to enlarge the capital stock to any amount not
exceeding twenty thousand dollars; at the expiration of
this act, which shall be on the first day of January,
eighteen hundred and seventy-eight, if not before alter-
ed or repealed, or at any time when the directors shall
make sale or otherwise dispose of the lands and other

Distribution.

stock of the company they shall make a faithful and
equitable distribution of the assets among the stock-
holders or their representatives, which right of repeal
or modification is hereby reserved to the Legislature
at any session thereof.

Banking prohi-
bited.

SEC. 7. And be it enacted, That nothing in this act
contained, shall be so construed as|tb confer any bank-
ing privileges on the company aforesaid, nor the right
to issue any note in the nature of a bank note.