1849.

LAWS OF MARYLAND.

CHAP. 101.

Capital stock
may be increa-

sed.

SEC. 17. And be it enacted, That when the accumu-
lation of the nett profits of the company, shall exceed
three hundred thousand dollars, the excess shall be ap-
plied from year to year towards the redemption of the
dividend certificates, in such manner as the board shall
deem most advisable, but no dividend certificate of a
subsequent year shall be redeemed until those of a pre-
ceding year, shall have been provided for; and it shall
be lawful for said company to withhold or postpone at
any time the redemption, in whole or in part, of said
certificates; in the event of any loss happening, which in
the opinion of the board, would render it desirable, to so
withhold or postpone; and should an extension of the
business of the company, make it proper, in the opinion
of the board, for the greater security of its dealers, to in-
crease their capital to five hundred thousand dollars by
continued annual application of their earnings in the
whole or in part to that object, it shall be lawful for
them to do so, and to issue, redeem or postpone, the re-
demption of dividend certificates in accordance thereto;
anything herein mentioned to the contrary notwith-
standing.

May hold prop-

erty.

SEC. 18. And be it enacted, That the said company
shall not be compelled to purchase, take or hold any
real estate, other than such as shall be requisite for its
immediate accommodation, in relation to the convenient
transaction of its business, and such as shall have been
bona fide mortgaged, or conveyed to it by way of securi-
ty, or in satisfaction of debts contracted in the course of
its dealings, or purchased at sales upon judgments,
which shall have been obtained for such debts.

May withhold
dividend.

SEC. 19. And be it enacted, That in case any per-
son or persons entitled to interest, or certificates of stock,
or on dividend certificates, shall be indebted to the com-
pany for sums past due and unpaid, the company may
at its option withhold the interest or certificates, or both,
and deduct such sums from the amount thereof, or re-
duce or cancel the same; and for any debts due by any
holder of certificates of stock or dividend certificates to
said company, the company shall have a lien on all the
interest, of said debtors to said company, and its profits ;
but persons insuring or entitled to certificates shall not
be answerable by reason thereof, or of anything contain-
ed herein, except for the payment of their premiums or
of notes given for or in advance of premiums.

Members com-
petent as wit-
nesses.

SEC. 20. And be it enacted, That in suits, by or
against said company, no member of the corporation
shall on that account, if he be not in his individual ca-