168

LAWS OF MARYLAND.

DEC. SESS.
1813.

whatever, unless there be present thereat, the holders of
two hundred and fifty shares at least, or their proxies.
11th. And generally to do, act and transact, in all
things for the said company, relative to the undertaking,
common stock and joint property aforesaid, in as full and
complete manner as the individual stockholders or sub
scribers might do, were they personally present.

Declare and
pay dividends.

12. AND BE IT ENACTED, That the president
and directors, or a majority of them, so soon as the pro-
gress of the work, and the state of the funds will permit,
shall make, declare, and pay to the stock-holders, or
their legal representatives, half yearly dividends at cer-
tain stated times, on the stock of the company, out of the
income of the company's property, such sum annually as
they shall judge necessary for repairs, augmentations
and contingencies.

Members se-
cured in their
rights.

13. AND BE IT ENACTED, That the original
subscribers to this association, and the assignees, trans-
ferrees, and legal representatives of all such original
subscribers, forever shall be taken and deemed, to all in-
tents and purposes, to be members of the company, and
shall be entitled to all the rights, benefits and advanta-
ges, to arise in any manner therefrom, or from the prop-
erty, books, and capital stock thereof, in proportion to

Proviso.

the amount of their stock and interest respectively; Pro-
vided, That no transfer or assignments of the said capi-
tal stock shall be valid unless it be made on the books of
the company, and in such manner as the president and di-
rectors, or a majority of them shall appoint; and every
person or persons, having so transferred or assigned the
whole of his, her or their interest and stock in the said
company, shall thereafter cease to be a member or mem-
bers of the said company, to all intents and purposes.

Oath of offi-
cers, bond.

14. AND BE IT ENACTED, That the president,
and each director, before he enters upon the duties of his
office, shall take the following oath or affirmation, (as
the case may be,) "I do solemnly swear, or affirm, that
I will impartially, faithfully, diligently and honestly, ex-
ecute the duties of conformably to the
provisions of an act to incorporate a company under the
name and style of the Caroline Manufacturing Compa-
ny, and the trusts reposed in me, to the best of my skill
and judgment;" and the clerks, book-keepers, and other
officers, shall also take a similar oath or affirmation, and
shall besides give bond with security, to the satisfaction
of the president and directors, for the faithful discharge
of their duties in their respective stations.