1852.

LAWS OF MARYLAND.

CHAP. 338.

make such by-laws as they shall deem proper for the
management and disposition of the stocks and busi-
ness affairs of such company, not inconsistent with
the laws of this State, prescribing the duties of all offi-
cers and servants, and for carrying on all kinds of, busi-
ness within the objects and purposes of such com-
pany.

Stock deem-
ed personal
estate.

SEC. 7. And be it enacted, That the stock of such
company shall be deemed personal estate, and shall be
transferable 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 purchase of any stock in any other corpora-
tions.

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 his deputy, or the Superior Court of
Baltimore city, or his deputy, to be a true copy, shall
be received in all courts and other places, as presump-
tive legal evidence of the facts therein staged.

Stockholders
individually
liable.

SEC. 9. And be it enacted,, That all the stockhold-
ers of every company incorporated under this act, shall
be severally and individually 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 capital stock, fixed
and limited by such company, shall have been paid in,
one-half thereof in one year, and the other half thereof
within two years, from and after the incorporation of
said company, or such corporation shall be dissolved.

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

SEC. 10. And be it enacted, That the president
and a majority of the trustees, directors, or managers,
within thirty days after the payment of the last instal-
ment of the capital stock, so fixed and limited by the
company, shall make a certificate slating 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 record of
the same to be made by the clerk of the Circuit Court

of the county, or the Superior Court of Baltimore
city, where the business of stud company shall be car-
ried on.

Trustees, &c.

jointly liable.

SEC. 11. And be it enacted, That if the trustees,
directors, or managers of any such company, shall de-