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LAWS OF MARYLAND.

every shareholder of the laying of said assess-
ment or assessments, for the President or Secre-
tary to cause a copy of said resolution to he pub-
lished in some newspaper published in each of
the cities of Baltimore, Philadelphia and New
York, once a week, for three successive weeks,
before the day named for payment thereof.

Assessments
recoverable.

SEC. 3. Be it further enacted, That the said
assessment or assessments so laid and published
shall be recoverable by said Association from
every member who shall fail or omit to pay the
same, the recovery thereof to be by action of debt
or assumpsit.

Assessments
shall constitute
a lien.

SEC. 4. Be it further enacted, That the assess-
ment or assessments laid and published as afore-
said, shall, until paid, constitute a lien on said
shares of capital stock, and no transfer thereof
and no dividend thereon, shall be allowed or de-
clared until said assessment is paid and satisfied.

President and
Directors au-
thorised.

SEC. 5. Be it further enacted, That the Presi-
dent and Directors are hereby, in their discretion,
further authorised, by resolution, to order the sale
at public auction for cash, of any share or shares
of stock on which the said assessments are over due
and unpaid; and the same or any part thereof
may be sold and new certificates therefor issued
to the purchaser or purchasers, in which case the
original certificates issued for said shares, shall
be taken as cancelled and annulled, except so far
as to entitle the holders thereof to receive any
surplus proceeds of said shares, so sold, which
may remain after paying the amount of the as-
sessments so due on them, and the costs of said

Proviso.

sale; Provided, that notice of the time and place
of said sale or sales so ordered, shall be pub-
lished in some newspaper published in each of
the cities of Baltimore, New York and Philadel-
phia, for ten days at least, anterior to the day of
sale, and the same shall be in the form of a no-
tice by the President of the Association, to the
effect that at the time and place therein named,
he will offer at public sale for cash, so many
shares of stock, or such part thereof as may be
necessary, standing on the books of said Associa-
tion in the name or names of the person or per-
sons specified in said notice.