PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

pers published in Washington county and the city of Bal-
timore, and at any meeting of the stockholders, whether
general or special, a quorum for the transaction of busi-
ness shall consist of the owner or owners or representa-
tives of the owner or owners of at least the major part of
the capital stock, and every such meeting shall have full
power and authority to pass, alter or repeal bye-laws and
regulations for the management of the affairs of the cor-
poration.

CHAP. 247.

SEC. 5. And be it enacted, That if the debts of said
corporation shall exceed at any time the amount of two-
thirds of the capital actually paid in, the president and
directors under whose administration it may happen
shall be liable for the same in their private add individual
capacities, and an action or actions may be brought in such
case against them or any of them in any court of record
in this State, by any creditor or creditors of the said cor-
poration, and may be prosecuted to judgment and exe-
cution, any condition, covenant or agreement to the
contrary notwithstanding, but nothing herein contained
shall be construed to exempt said corporation or the
lands, tenements and estate of the same from being liable

Individual
liability.

for said excess; provided always, that the president or
such of the directors as may have been absent when
the said excess was created, or who may have dis-
sented from the resolution or resolutions or act or acts
whereby the same was created, may respectively ex-
onerate themselves from all personal liability by forth-
with giving notice of the fact and of their absence or
dissent to the stockholders at a general meeting which
they shall have power to call for that purpose.

Proviso.

SEC. 6. And be it enacted, That nothing in this act
contained shall be so construed as to confer any banking
privileges on the said corporation, as the right to issue
any note in the nature of a bank note.

Banking tor-
bid.

SEC. 7. And be it enacted, That this act shall con-
tinue in force for thirty years from the time of its pas-
sage, and that this General Assembly reserves to itself
the right to alter and annul the same at its pleasure;

In force.

Reservation.

provided always, that whensoever the said corporation
shall be dissolved, whether by the lapse of time or by
the act of the General Assembly, or by any other cause,
their corporate name with their right to sue and be sued,
shall continue for the purpose of collecting the debts due
to and from the company, prosecuting the rights which
shall have accrued under their previous contracts, pay-
ing the debts due by them, and satisfying all liabilities
which may have been incurred, and for the sale and dis-

Proviso.