402

LAWS OF MARYLAND.

mit any such forfeitures on such terms as they may
think proper; provided always, that in addition to
the forfeiture aforesaid, the said company shall be en-
titled to receive, sue for, and recover the said instal-
ment and subscription due as aforesaid, in such
manner as other debts and claims are now recoverable
by law.

Bonds to be
given.

SEC. 9. And be it enacted, That the president and
directors of said company shall require and receive
of and from the treasurer, and every other officer and
other person by them employed, bonds in sufficient
penalties, and with such sureties as they shall by
their by-laws, rules and regulations determine for the
faithful performance of the several duties and trusts
to him, them or any of them committed.

Dividends.

SEC. 10. And be it enacted, That dividends of so
much of the profits of the said company as shall
appear advisable to the directors, shall be declared
at least twice a year in every year, and paid
to the stockholders on demand at any time after the
expiration of ten days therefrom; but the dividends
shall in no case exceed the net profits actually ac-
quired by the company, so that the capital stock
shall never be thereby impaired, and if the said di-
rectors shall fraudulently make any dividend which
may impair the capital stock of said company, the
directors consenting thereto, shall be liable in their
individual capacities to the company for the amount
of the stocks so divided; and each director present
when such dividend shall be made, shall be adjudged
to be consenting thereto, unless he forthwith enters
his protest on the minutes of the board, and give
public notice to the stockholders at the declaring of
such dividend.

Directors to
make a state-
ment annually.

SEC. 11. And be it enacted, That at each annual
meeting of the stockholders; the directors of the
preceding year, shall exhibit to them a complete
statement of the affairs and proceedings of the com-
pany for such year; and special meetings of the
stockholders may be called by order of the directors,
or by stockholders holding one-fifth in amount of the
capital stock on the like notice as that required for
annual meetings, specifying moreover the object of
the meeting; but no business shall be transacted at
such special meetings, unless a majority in value of
the stockholders shall attend in person or by proxy.