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Dec. Sess.
1815.
Oath.
Dividends—
premium fund.
Premiums.
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all the contracts, purchases, sales and dispositions so to be made,
which shall at all times be subject to the inspection of any of
the stockholders, except the accounts of individuals; to provide
for and pay out of the funds of the company all such expenses
as shall be necessarily incurred in promoting and carrying on
in any manner the business of the company; to bind by their
contracts, deeds and writings, under the hand of the president,
and seal of the company, all the property, estate, common stock
and joint funds of the said company, but not the persons or se-
parate property of themselves or any of the stockholders; to
establish rules and regulations for the transfer of the stock of
the said company, and for the proof of property and ownership
therein. To call general meetings of the stockholders from
time to time, and at such times and for such purposes, as they
shall think proper, giving eight days notice in three newspapers
printed in the city of Baltimore, of the time, place and purpose
of every such meeting respectively: Provided, that no such
meeting shall be competent to the transaction of any business
whatever, unless there be present thereat, thirty stockholders
at least, or their proxies; and generally to do, act and transact
in all things for the said company, relative to the undertakings,
common, stock and joint properly in as full and complete a man
ner as the individual stockholders or .subscribers might do
were they personally present.
10. 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 so-
lemnly swear (or affirm,) that I will impartially, faithfully, deli-
gently and honestly execute the duties of
conformable to the act of incorporation, and the trust reposed
in me, to the best of my skill and judgment; and the clerks,
book keepers, and other officers shall take a similar oath or af-
firmation, and all the company's officers, including the president
shall give bonds, with security to the satisfaction of the direc-
tors for the faithful discharge of their duties in their respective
stations.
11. AND BE IT ENACTED, That the president and direc-
tors of the said society, shall make, declare and pay to the stock-
holders, their attornies or legal representatives at a stated pe-
riod, yearly dividends of the profits on the stock of said society,
not exceeding ten per cent, and all profits exceeding ten per
cent as aforesaid, shall immediately after the dividend is de-
clared, be appropriated and transferred to the support and con-
tinuance of a premium fund, which shall be under the control
and management of a premium committee, to consist of twelve
persons, to be chosen by the stockholders out of their own bo-
dy, at their regular annual meetings.
12. AND BE IT ENACTED, That the premium committee
shall have power, to purpose, award and pay premiums in mo-
ney or medals to such person or persons residing within the
United States, as they are of opinion merit the same, and as
have excelled in manufactures, producing materials for manu-
facturers, inventing or improving any machine or machinery,
that may tend to facilitate manufactures, manufacturing mate-
rials the growth of the United States, or any useful articles
whatever, introducing into the United States any useful animal,
machine or manufactory, or an art whereby manufactures can
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