1852.

LAWS OF MARYLAND.

CHAP. 338

diminish its capital stock by complying with the provi-
sions of this act, to any amount that may be deemed
sufficient and proper for the purposes of the corpora-
lion, and may also extend its business to any other
manufacturing business subject to the provisions and
liabilities of this act, but before any corporation shall
be entitled to diminish the amount of its capital stock,
if the amount of its debts and liabilities shall exceed
the amount of capital to which it is proposed to be re-
duced, such amount of debts and liabilities shall be sa-
tisfied and reduced so as not to exceed such diminished
amount of capital; and any existing company hereto-
fore formed tinder the general law, or any special act,
may come tinder and avail itself of the privileges and
provisions of this act, by complying with the following
provisions, and thereupon such company, its officers
and stockholders shall be subject to all the restrictions,
duties and liabilities of this act.

Meeting of
stockholders.

SEC. 16. And be it enacted, That whenever any
company shall desire to call a meeting of the stock-
holders, for the purpose of availing itself of the privi-
leges and provisions of this act, or for increasing of
diminishing the amount of its capital stock, or for ex-
lending or changing its business, it shall be the duty of
the trustees, directors or managers, to publish a notice,
signed by at least a majority of them, in a newspaper
in the county or counties, or city, if any shall be pub-
lished therein, at least four successive weeks, and to
send or deposit a written or printed copy thereof, in the
post office, addressed to each stockholder at his usual
place of residence, at least three weeks previous to the
day fixed upon for holding such meeting, specifying the
object of the meeting, the time and place where such
meeting shall be held and the amount to which it shall
be proposed to increase or diminish the capital, and the
business to which the company would be extended or
Changed, and the vote of at least two-thirds of all the
shares of stock shall be necessary to an increase or di-
minution of the amount of its capital slock, or the ex-
tension or change of its business as aforesaid, or to enable
a company to avail itself of the provisions of this act.

Organization
or meetings,
&c.

SEC. 17. And be it enacted, That if at any time and
place specified in the notice provided for in the pre-
ceding section of this act, stockholders shall appear in
person or by proxy, in number representing not less
than two-thirds of all the shares of stock of the corpo-
ration, they shall organize by choosing one of the trus-
tees, directors or managers, chairman of the meeting,
and also a suitable person for secretary, and proceed to