1847.

LAWS OF MARYLAND.

CHAP. 76.

shall be at Jest one general meeting of the stockholders
in each and every year, when said officers are to be cho-
sen, to be held at such time as may be prescribed by the
bye laws, and to be called the annual meeting, to which
the board shall make a full and fair exhibit of all the
affairs and transactions of the company, during the pre-
ceding year, with a report from the treasurer, show-
ing the items of receipts and expenditures, and the rate
of dividend for said year, verified by his affidavit
before some justice of the peace.

Dividends —
when to be de-
clared.

SEC. 8. And be it enacted, That after payment
of the annual or semi-annual expenses of said com-
pany, the insurance and repairs of said property, and
any debts which the corporation may contract for said
ground or buildings, the said board of managers shall
semi-annually or annually, ax the bye laws may direct,
divide the surplus profits among the stockholders, who
shall have fully paid their subscriptions and according
to their respective interests.

Certificates of
stock to be is-
sued to sub-

scribers.

Sec. 9. And be it enacted, That after the comple-
tion of said building, certificates of slock signed by
the president and countersigned by the secretary, under
the corporate seal, shall he issued to all subscribers
who shall have fully paid their subscriptions of stock,
which shall be transferable on the books of the com-
pany, in person or by attorney, but no dividend shall be
declared on any share of stock until the same shall have
been fully paid, but the instalments paid shall remain
without dividend, until the shares shall have been fully
paid, and a dividend shall only be allowed from thai
time, and the board may at any time forfeit to the com-
pany any instalments paid, if the shares he not Cully paid
within six months from the date fixed for the payment of
the final instalment called in, and after at least ten days
notice to the delinquent stockholder, of the intention of
said board so to forfeit in case of non-payment, by a
certain time to he fixed by them.

Authority to
purchase.

SEC. 10. And be it enacted, That the said corporation
shall have power, if deemed expedient, instead of purcha-
sing a portion of ground and erecting a building or
buildings thereon, as hereinbefore provided, to purchase
any improved property in said town, and to alter and
adopt the same to the purposes aforesaid, to* be held,
used and enjoyed by said company, under the same re-
gulations and provisions as have been hereinbefore
enacted.

To procure
furniture.

SEC. 11. And be it enacted, That the said company
shall have power to lay out and expend a portion of