36

LAWS OF MARYLAND.

Dec. Ses. 1821

the said board of directors, shall at no time exceed the sum of six
hundred dollars per annum, for ground that shall not be so built up-
on or improved, as to produce an income sufficient at least to defray
the expenses thereby incurred, except only in such special instan-
ces as shall be severally submitted to the consideration of a general
meeting of the stock-holders, and otherwise determined by the joint
consent and approbation of a majority of the members then and
there present.

Management—
dividends.

7. And be it enacted, That it shall be the duty of said board
of directors, from time to time to apply whatever shall be deposited
in their hands to the advantage of the society as early as possible
after they have received the same, and also to be particular in the
choice, quality and price, of what they do receive, so as not to ac-
cept of any thing at too dear a rate, or that shall not be calculated
to admit of a timely and advantageous application; and also that it
shall be incumbent upon the said board to make regularly, half
yearly dividends of whatever clear profits shall in any manner
come into their hands as being produced by the property of the
society, by dividing the amount thereof among the holders of the
stock in proportion to the number of shares held by the several
owners, excepting however, that in the event of there being at any
time of declaring a dividend, any small surplus fraction remaining
that cannot then with convenience be included, the board of direc-
tors shall be, and they are hereby authorised to retain and use such
surplus in such manner as shall be most beneficial to the society,
until it shall be found expedient in the making of a subsequent di-
vidend to include the fraction or fractions so retained.

Property to be
bound for
debts.

8. And be it enacted, That all the property, estate and com-
mon stock of the society shall be bound and answerable for any
bargains, contracts or engagements made, or liability incurred by
the said board of directors, or by or through their authority or agen-
cy for and on behalf of the corporation under the provisions of,
this act, and that the service of any writ or judicial process by any
officer duly authorised, upon arty director, shall be deemed good
service upon the society.

Number of
shares not to
exceed cost of
property.

9. And be it enacted, That the said board of directors shall
not be permitted at any time to create any greater number of shares
than the actual cost or value of the lot or lots of ground, and the im-
provements thereon of which the said society may be possessed at
the time said shares shall be created.

Property of
stock-holders
to be liable.

10. And be it enacted, That each and every stock-holder shaft
be liable in his or her private estate and individual capacity, for all'
debts contracted by the said society, over and above the actual va-
lue of the capital stock of said society in existence at the time such
debts may be contracted.

Dissolution.

11. And be it enacted, That this corporation shall be subject
to be dissolved on the written application to the board of directors'
of two thirds of the stock-holders in number, who shall also bona
fide be proprietors of two thirds of the whole stock in amount; and
in that event it shall be the duty of the said board then being, to set-
tle" up all the concerns of the society without unnecessary de-
lay, and to divide and distribute in half yearly dividends, the funds
on hand and arising from selling the property of the society, and
by dividing the property itself when any part thereof can be divid-