1852.

LAWS of MARYLAND.

CHAP. 322.

Stock deem-
ed personal
estate.

business within the objects and purposes of such com-
pany.

SEC. 7. And be it enacted, That the stock of such
company shall be deemed personal estate, and shall be
transferrable in such manner as shall be prescribed by
the by-laws of the company, but no shares shall be
transferable until all previous calls thereon shall have
been fully paid in, or shall have been declared forfeited
for the non-payment of the calls thereon; and it shall not
be lawful for such company to use any of their funds
in the purchase of any stock in any other corporation.

Copy of cer-
tificate of cor-
poration, legal
evidence in
courts.

SEC. 8. And be it enacted, That the copy of any
certificate of incorporation recorded in pursuance of
this act, and certified by the clerk of the Circuit Court

of the county, or of the Superior Court of Baltimore
city, as the case may be, or his deputy, to be a true co-
py, shall be received in all courts and other places as
presumptive legal evidence of the fuels therein stated.

Quorum.

SEC. 9. And he it enacted, That the presence, in
person or proxy, of a majority in interest of the
stockholders of any company incorporated under this act
shall be necessary to constitute a quorum for business
at any meeting of the stockholders.

Stockholders
individually
liable.

SEC. 10. And be it enacted, That each and every
stockholder under this act, shall be severally individu-
ally liable to the creditors of the company in which
they are stockholders, to an amount equal to the amount

of stock held by them respectively, for all debts and
contracts made by such company, until the whole
amount of stock subscribed by such stockholder shall
have been paid in, and a certificate therefor shall have
been made and recorded as prescribed in the following
section ;. and the capital stock so fixed and limited shall
be paid in, one-half thereof in one year, and the
other half within two years from and after the incor-
poration of said company, or such corporation, shall be
dissolved.

Certificate of
amount of ca-
pital stock
paid in, to be
recorded.

SEC. 11. And be it enacted, That the acting presi-
dent, or a majority of the trustees, directors or mana-
gers, within thirty days after the payment of the last
instalment of the capital stock so fixed and limited by
the company, shall make a certificate, suiting the
amount of the capital stock so fixed and paid in, which
certificate shall be signed and sworn to by the president,
and he shall, within thirty days thereafter, cause a re-
cord of the same to be made by the clerk of the Cir-
cuit Court of the county, or the Superior Court of Bal-
timore city, as the case may be, or where the business

of the said company shall be carried on.