90

LAWS OF MARYLAND.

Dec. Sess.
1814.

tracts, to make purchases of real estate, and to make pur-
chases and sales of personal properly, and to use therefor
the name and seal of the corporation. They may call
for the payments by instalments of the capital stock ;
and shall from time to time declare dividends of the
profits of the concern, and report to the stockholders
the state of their funds. They are also authorised to
make such by laws and regulations, and the same to re-
peal at pleasure, as shall be necessary for the well con-
ducting of the business of the company, not inconsistent
with the provisions of this act; and shall generally have
authority to exercise all the powers and privileges con-
ferred on or appertaining to this corporation.

Sales of real
estate.

6. AND BE IT ENACTED, That sales of the
real estate of the said corporation may be made with the
unanimous consent of the directors, all of whom shall
join in executing and acknowledging, according to law,
conveyances of such estates, when sold as aforesaid.

Estate &c.
shall be an-
swerable for
contracts.

7. AND BE IT ENACTED, That all the property,
estate and joint stock of the said corporation, shall be
bound and answerable for any contracts or engagements
made, or liability incurred by the directors thereof, or
through their agency, or by their authority. But the
stockholders shall in no wise be answerable or liable
therefor in their individual capacities or private estates,
And the service of any writ or judicial process by an
authorised officer, upon any director, shall be a good
service upon the corporation.

Teacher.

8. AND BE IT ENACTED, That it shall be the
duty of the said corporation to provide a competent
teacher to instruct the children employed in their ser-
vice, in reading, writing, arithmetic and good morals.

Special meet-
ings.

9. AND BE IT ENACTED, Thai special meetings
of the stockholders may be called by a majority of the
directors, or by any number of the stockholders who shall
be owners of three fourths of the stock of the company.

Dissolution.

10. AND BE IT ENACTED, That this corporation
may be dissolved on the written application of three
fourths of the stockholders in number, who shall also be
bona tide proprietors of three fourths of the whole stock in
amount. And in that event it shall be the duty of the
directors then being, to settle up all the concerns of the
company, without unnecessary delay, and divide and
distribute the whole balance and nett proceeds thereof,
among the stockholders according to their respective in-

Proviso.

terests: Provided that no suit then depending for or
against the said corporation, shall be thereby abated ;
nor any contract then subsisting by or with the said cor-
poration be in any manner thereby altered or impaired.