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Session Laws, 1844
Volume 609, Page 38   View pdf image
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LAWS OF MARYLAND.

1344.

shares, the same shall be forfeited to the said company,
and may and shall be sold and assigned by the directors
of said company to any person willing to purchase the
same, for such price as can be obtained for the same; and
the purchaser or purchasers aforesaid shall have all the
benefit and advantage of such assignment and purchase as
if he, she or they had been an original stockholder.

CHAP. 51.

SEC. 6. And be it enacted, That the directors shall
once in each and every year, as soon after the receipt of
their rents and profits as may be, make and declare a div-
idend of their profits, which shall be paid to the stock-
holders, their legal representatives or assigns.

Declare divi-
dend.

SEC. 7. And be it enacted, That in all cases of lease
or demise or contract, it shall and may be lawful for the
treasurer to sign the same with his proper name, and at-
tach the seal of the corporation, and the said instrument
shall be as binding on said company, and as available in
law, as if the same had been done by the directors; and
in any case where it may be necessary to make distress
for any rent arrear, the treasurer for the time being shall
ex-officio be bailiff of said corporation for such purpose,
with full power and authority in the name of the Susque-
hanna Fire Company, to do all acts necessary under such
distress.

Seal of corpo-
ration.

SEC. 8. And be it enacted, That no subscriber, or stock-
holder, or member of said company, shall be answerable
in his person or individual properly, for any contract or
engagement of said company, for any losses, deficiencies,
or failures of the capital stock of said company, but the
whole of said capital stock, together with all property,
rights and credits belonging to said institution, and nothing
more, shall at all times be answerable for the demands a-
gainst said company.

Not answer-
able in their
individual ca-
pacity.

SEC. 9. And be it enacted, That all fines which shall
or may accrue to the said company in consequence of
delinquencies or mal-conduct of any member or members,
shall be sued for and collected in the same manner as
other small debts are now collected.

Collected as
other small
debts

SEC. 10. And be it enacted, That the interests or rights
the several and respective members of said corporation
may have to the property thereof, shall be deemed and
taken to be personal properly, and shall be transferable,
and go in distribution as such.

Deemed per-
sonal property

SEC. 11. And be it enacted, That transfers of stock
shall be made in person or by attorney, on the books of
the company.

Transfers for-
bid.

SEC. 12. And be it enacted, That nothing herein con-
tained shall be so construed as to authorise or empower

Issues forbid.



 
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Session Laws, 1844
Volume 609, Page 38   View pdf image
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