376

LAWS OF MARYLAND.

have power to act for the stockholders in all cases
not otherwise provided for.

Capital stock.

SEC. 12. And be it enacted, That the capital or
property of the corporation shall be represented by
stock to be issued by the trustees in equal shares of
ten dollars each, whose total amount shall not exceed
ten thousand dollars payable in instalments as the
trustees may require, for which certificates shall be
given to the purchasers respectively, transferable on
the books of the corporation.

Dividends.

SEC. 13. And be it enacted, That each stockholder
shall be entitled to a pro rata dividend according to
the full amount of stock paid in, owned by him or her,
on all profits of the corporation not otherwise appro-
priated for its benefit.

Disposal of
stock.

SEC. 14. And be it enacted, That any individual
wishing to dispose of his or her stock, shall first offer
the same to the board of trustees who may purchase
the same for the stockholders if they may deem it
proper to do so, and will pay as much therefor as any
other person.

Failing to pay
instalments —
forfeiture.

SEC. 15. And be it enacted, That any stockholder
failing to pay any instalment on his or her stock
within ninety days after it shall become due shall for-
feit the same, and the amounts previously paid shall
become the property of the corporation, or he or she
may be held liable for such instalment or instalments
by suit therefor or otherwise.

Reservation.

SEC. 16. And be it enacted, That the General As-
sembly reserves to itself the right to modify, amend,
or repeal this act any time.

Subject to an]
general law.

SEC. 17. And be it enacted, That this act shall be
subject to any general law that may be passed upon
this subject in compliance with the forty seventh sec-
tion of the third article of the constitution.

Property of
corporation li-
able.

SEC. 18. And be it enacted, That all the property
and estate of said corporation shall be held bound and
answerable for all contracts and engagements made,
or liabilities incurred by said corporation, or its au-
thorities, agent or agents, but the members shall not
be held liable and answerable in their individual ca-
pacity or private estate for contracts or liabilities of
said association.