LAWS OF MARYLAND.

131

aforesaid, the said commissioners shall convene the stockholders for
the purpose of electing of one them as president, & eight as directors to
be repeated annually thereafter, at such time and place in the city of
Baltimore, as the commissioners in the first instance, and the presi-
dent for the time being thereafter, shall name and appoint.

Dec Ses. 1823

5. And be it enacted, That as well in the choice of a president and
directors, from time to time, as in all other cases, each stockholder
shall be entitled to one vote, only to be given in such manner as the
president and directors shall prescribe; Provided nevertheless, that
none shall be stockholders but bonafide citizens of the United States;
residing in the state of Maryland.

Votes.
Proviso.

6. And be it enacted, That the president and directors shall have
power to rent, lease or purchase such ground and suitable houses
within or adjacent to the city of Baltimore, for the erection of works,
a depot or warerooms, for the reception and sale of fabrics, transact-
ing the business of the company, and generally for the full accom-
plishment of their objects, as they shall from time to time deem ne-
cessary and proper.

Powers.

7. And be it enacted, That at least once a year dividends of pro-
fits on the stock of the said company shall be declared and paid to the
stockholders, their attorney or legal representatives at stated periods.
8. And be it enacted, That in order the more effectually to call the
attention of the president and directors to the interests of the com-
pany, stated meetings shall be held monthly at least, and special ones
on all occasions when it shall be deemed advisable by the president;
and at every such meeting the names of the attending members and
minutes of the proceedings shall be recorded in a book to be provided
and kept for the purpose.

Dividends.
Meetings.

9. And be it enacted, That the original subscribers in the compa-
ny, and their assignees, transferees and legal representatives, forever,
shall be taken and considered to all intents and purposes, as members
of this company, and shall be entitled to and receive all the rights,
benefits and advantages, arising from the same, by all ways and
means whatever in proportion to the amount of stock paid in, or held

Members,
transfers, &c.

by them respectively; Provided always, that no transfer shall be
made or deemed valid, unless it be to a bona fide citizen of the Li-
nked States, residing in the stale of Maryland, and entered in the
books of the company, in such manner as the president and direc-
tors shall prescribe.

Proviso,

10. And be it enacted, That this act shall be and remain in full force
and virtue, until the expiration of twenty years, and thence until the
end of the next session of the general assembly thereafter; Provided
however, that the concurring votes of at least two thirds of the ca-
pital stockholders of the company shall be deemed sufficient at a gene-
ral meeting to dissolve the same, and finally terminate the objects
for which it is incorporated; and provided, that such meeting and its
intention shall be published in at least two newspapers in the city of
Baltimore, and at least two months previous to the time of such meet-
ing.

Limit, &c.

11. And be it enacted, That immediately on the expiration of this
act, or the dissolution of this company, effectual measures, shall be
taken by the then president and directors to close all the concerns
thereof, and for making a final dividend of the capital stock and pro-
fits then remaining among the holders thereof, in proportion to their
respective interests.

Case of disso-
lution.

12. And be it enacted, That nothing in this act shall be construed

Responsibility