E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

clare and pay any dividend when the company is in-
solvent, 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 sev-
erally liable for all the debts of the company then ex-
isting, and for all that shall be thereafter contracted,
while they shall respectively continue in office; Pro-
vided, however, that, if any of the trustees, directors,
or managers shall object to the declaring such dividend,
or the payment of the same, and shall at any time be-
fore the time fixed for the payment thereof, record a
certificate of their objection, in writing, with the clerk

of the Circuit Court of the county, or the Superior
Court of Baltimore city, they shall be exempt from the
said liability.

CHAP. 338.

If they shall
declare and
pay dividends
when compa-
ny is insol-
ent.

Proviso.

SEC. 12. And be it enacted, That nothing but
money 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 stockholder, the
officer or officers who shall make it, or who shall as-
sent 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 re-payment of the
same so loaned.

Payment of
capital stock.

SEC. 13. And be it entitled, 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 personally subject
to any liability as stockholders of such company,
but the person pledging the stock shall be considered as
holding the same, and shall be liable as stockholders
accordingly, and the estates and funds in the hands of
ouch executor, administrator, guardian, or trustee, shall
be liable in like manner, to the same extent, as the
testator or intestate, or ward or person interested in such
trust fund would have been, if he had been living and
competent to act, and held the same stock in his own
name.

Liability.

SEC. 14. And be it enacted, That every such ex-
ecutor, administrator, guardian or trustee, shall represent
the share or shares of stock in his hands, at all meet-
ings of the company, and may vote accordingly as a
stockholder; and any and every person who shall
pledge his stock as aforesaid, may nevertheless repre-
sent the same at all such meetings, and may vote ac-
cordingly as a stockholder.

Executors,
&c. may vote.

SEC. 15. And be it enacted, That any company
that may be formed under this act, may increase or

May increase
or diminish
capital stock.