1831.

LAWS OF MARYLAND.

CHAP. 148.

pers and effects, belonging to the said corporation, which
shall be entrusted to his care, or be in his possession; Pro-
vided always, That every such order and direction shall be
signed by the president, and countersigned by the secreta-
ry of the company.

Secretary's bond.

Sec. 6.And be it enacted, That the secretary, before he
proceeds to act, shall give bond to the said corporation, in
such penalty, and with such sureties as a majority of the
directors shall approve, conditioned that he will faithfully
execute the duties of his office; and he shall make and
preserve in a book, to be provided for the purpose, fair
minutes of the proceedings of the directors, and perform
such other duties as they may direct; and deliver to his
successor in office, or to such person or persons as the di-
rectors miy designate, all books, papers, and other effects,
belonging to said corporation, and countersign all orders
and directions authorised by the directors, addressed to, or
drawn upon the treasurer, after the same shall have been
signed by the president.

Dividends.

Sec. 7. And be it enacted, That the president and direc-
tors shall, from time to time, declare and pay to the stock-
holders, dividends of so much of the profits realized by the
company, as they shall deem expedient; after reserving such
sum as they shall decide to be reasonable, to meet the ex-
pense of repairs and to provide for the building or purchase
of any new boat, carriage, or other article necessary fqr the
use of the company; and at the time of each annual election,
and also, at the time of paying each dividend of profits, a

Exhibit statements

general statement of the affairs of the company, shall be
exhibited for the inspection of the stockholders

Forfeiture of shares

Sec. 8. And be it enacted, That the president and direc-
tors, or a majority of them, shall have full power, after giv-
ing at least thirty days notice, by advertisement inserted in
at least two newspapers in Baltimore, and two in Philadel-
phia, to forfeit and dispose of, for the use of the company,
any share or shares of stock, upon which, one or more in-
stalments shall be due and unpaid; unless the instalment or in-
stalments so due, with interest thereon from the time when
the same shall have been made payable, shall be paid before

Compel payment
of instalments.

the day limited in such notice, or the owner of such stock
may be compelled, by action, to pay all such instalments;

Of personal respon-

sibility.

Provided always, that no stockholder shall be liable in his
person or property, for any contract of or claim against
said corporation; but that the joint stock, property, credits,
rights, and effects, of the said company, and nothing more,

Process.

shall be liable for the same; and the service of legal process
on any of the directors, shall be a sufficient service on the
aforesaid corporation.