PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

the amount of debts due to and from the association,
which statement shall be certified to by the president
and secretary, and reported to the annual meeting of
the stockholders.

CHAP. 194.

SEC. 13. And be it enacted, That nothing herein con-
tained shall be so construed as to confer banking pri-
vileges in said company, to issue any note, token, scrip,
device or other evidence of debt to be issued as a cur-
rency.

Banking forbid.

SEC. 14. And be it enacted, That no stockholder, or
other member of this association shall be answerable
in his person or individual property, for any contracts
or agreements of said association, or for any losses,
deficiencies or failures of the capital stock of this asso-
ciation, but the whole of the capital stock, together
with all property, rights and credits belonging there-
unto, and nothing more shall at any time be answer-
able for the demands against the said association.

Not individu-
ally liable.

SEC. 15. And be it enacted, That the stock of this
association may be assigned and transferred on the
books in person, or by proxy, or by attorney only,
but no stockholder indebted to the association shall
be permitted to make a transfer, or receive any divi-
dend until such debt is paid, or secured to the satis-
faction of the president and board of directors.

How transfer-
red.

SEC. 16. And be it enacted, That the president and
directors may call a general meeting of the stock-
holders for any purpose relative to the affairs of the
association, giving at least fifteen days notice thereof
in one or more daily newspapers in the city of Balti-
more, and it shall be the duty of the secretary to give
notice of such call to each stockholder not a resident
in the city of Baltimore, through the medium of the
post-office, and such notice shall specify the object of
such meeting, and if the president and directors shall
refuse to call such meeting, stockholders proprietors
of one thousand shares, shall have power to call such
meeting in the manner specified, giving notice in one
or more daily newspapers in the city of Baltimore
and special notice to the stock holders not residents in
the city of Baltimore.

General meet-
ings — how and
when called.

SEC. 17. And be it enacted, That should it so hap-
pen, from any cause whatever, that the annual elec-
tion of directors should not take place in any year on
the day hereinbefore mentioned for that purpose, this
company shall not, for that reason, be dissolved, but
such election may be lawfully held on such conve-
nient day thereafter, as may for that purpose be fixed
on by the president and directors, they causing ten

Failure to elect
officers not to
dissolve corpo-
ration.