E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

SEC. 12. And be it enacted, That if the trustees, di-
rectors or managers of any such company, shall declare
and pay any dividend when the company is insolvent, or
any dividend, the payment of which would render it

insolvent, or which would diminish the amount of its
capital stock, they shall be jointly and severally liable

for all the debts of the company then existing, and for
all that shall be thereafter contracted, while they shall
respectively continue in office; Provided, however,
that if any of the trustees, directors or managers, shall
object, to the declaring such dividend, or to the payment
of the same, and shall, at any time before the time fix-
ed for the payment thereof, file a certificate of their ob-
jection, in writing, with the clerk of the Circuit Court

of the county, or the Superior Court of Baltimore, as
the case may be, and they shall be exempt from the
said liability.

CHAP. 322.

Trustees, &c.

jointly liable
they shall
declare and
pay any divi-
dend when
company is in-
solvent.

Proviso.

SEC. 13. And be it enacted, That nothing but
money or lands shall be considered as payment of any
part of the capital stock, and no loan of money shall
be made by any such company to any stockholder
therein; and if any such loan shall be made to a stock-
holder, the officer or officers who shall make it, or who
shall assent thereto, shall be jointly and severally liable
to the extent of such loan and interest, for all the
debts of the company, contracted before the repayment

of the same so loaned.

Payment of
capital stock.

SEC. 14. And be it enacted, That no person hold-
ing stock in any such company, as executor, adminis-
trator, guardian or trustee, and no person holding such
stock as collateral security shall be personalty subject
to any liability, as stockholder of such company, but
the person pledging the stock shall be considered as
holding the same, and shaft be liable as stockholder ac-
cordingly, and the estates and funds in the hands of
such executor, administrator, guardian or trustee, shall
be liable in like manner to the same extent as the tes-
tator, or intestate, or ward, or person interested in such
trust fund would have been if fee had been living and
competent to act end hold the same stock in his own
name.

Liability.

SEC. 15. And be it enacted, That every such exe-
cutor, administrator, guardian or trustee, shall represent
the share of stock in his hands at all meetings of the
company, and may vote accordingly as a stockholder,
and any and every person who shall pledge his stock
as aforesaid may nevertheless represent the same at all
such meetings, and may vote accordingly as a stock-
holder.

Executors,
&c. may vote.