240

LAWS OF MARYLAND.

future losses and expenses of the company, until the
same be redeemed, as is hereinafter provided for.

No original
certificate to
be issued for
leu than $40.

SEC. 17. And be it enacted, That no original
dividend certificate shall be issued for a less sum than
ten dollars, or for the fractional sums between even tens
of dollars, but all such sums less than ten dollars, and
all such fractional parts of sums shall be placed in a
contingent account, and applied to the expenses, losses,
and other charges of the company; and that it shall be
lawful for the said company from time to time to divide
such pans of the interest accruing on its investments as
it may deem equitable, not exceeding six per cent pet
annum among the holders of dividend certificates, but
all dividends not called for within three years of their
annunciation shall be forfeited by the company.

Redemption
of dividend
certificate.

SEC. 18. And be it enacted, That when the ac-
cumulation of the net profits of the company shall ex-
ceed three hundred thousand dollars, the excess shall
be applied from year to year towards the redemption of
the dividend certificates in such manner as the board
shall deem most advisable, but no dividend certificate
of a subsequent year shall be redeemed until those of a
preceding year shall have been provided for, and it
shall be lawful fur said company to withhold or post-
pone at any time the redemption in whole or in part of
said certificates, in the event of any loss happening,
which in the opinion of the board would render it de-
sirable to so withhold or postpone, and should ah ex-
tension of the business of the company make it proper
in the opinion of the board for the greater security of its
dealers to increase their capital to one million of dollars
by a continued annual application of their earnings in
the whole or in part, to that object, it shall be lawful
for them to do so, and to issue, redeem or postpone the
redemption of dividend certificates in accordance there-
to, any thing herein mentioned to the contrary notwith-
standing.

Not to hold
real estate ex-
cept requisite
for immediate
accommoda-
tion.

SEC. 19. And be it enacted. That the said com-
pany shall not be competent to purchase, take or hold
any real estate other than such as shall be requisite for
its immediate accommodation in relation to the conveni-
ent transaction of its business, and such as shall have
been bona fide mortgaged or conveyed to it, by way of
security or in satisfaction of debts contracted in the
course of its dealings, or purchased at sales upon judg-
ments which shall have been obtained for such debts.