1848

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

chap. 297.

When nett
profits of com-
pany exceed
$250,000 ex-
cess to be ap-
plied to pay-
ment of cash
subscription
of #50,000.

SEC. 24. And be it enacted, That when the accu-
mulation of the nett profits of the company shall exceed
two hundred and fifty thousand dollars, the excess shall
be applied towards the payment of the cash subscription
of fifty thousand dollars or more, in such manner as the
board shall deem most advisable, and whenever the accu-
mulation of said nett profits shall exceed three hundred
thousand dollars, the excess shall be applied from year to
year towards the redemption of each years certificates in
such manner as the board shall deem most advisable, but
the certificates of a subsequent year are not to be redeem-

No sale or
transfer of
stock except
by a rote of
directors.

ed until those of a preceding year are provided for.
Sec. 25. And be it enacted, That no sale or transfer
of stocks or property shall be made or any mortgage or
bond discharged except in pursuance of a vote of the
directors.

Not to hold
real estate o-
ther than such
as is requisite
for immediate
accommodati-
on.

Sec. 26. And be it enacted, That the aaid company
shall not be competent to purchase, take or hold any real
estate, other than such as shall be requisite for its imme-
diate accommodation in relation to the convenient trans-
acting of its business, and such as shall have been bona
fide mortgaged or conveyed to it by way of security, or in
satisfaction of debts contracted in the course of its deal-
ings, or purchased at sales upon judgments which shall
have been obtained for such debts, and all such lands,
tenements and hereditaments, so taken in satisfaction of
debts or purchased at sales upon judgments, shall be re-
sold and conveyed by the said president and directors
within the term of five years from the taking or purchase
thereof aforesaid.

In suits mem-
bers compe-
tent witness.

Sec. 27. And be it enacted, That in suits by or against
said company; no members of the corporation shall on
that account (if it be not in his individual capacity a par-
ty to such suits) be incompetent as a witness.

Issues forbid.

To enure 20
years.

Sec. 28. And be it enacted, That said corporation is
hereby prohibited from issuing any note, certificate, de-
vice or evidence of debt to be used as currency.
Sec. 29. And be it enacted, That this act shall enure
for twenty years from the date of its passage.

Right reser-
ved.

Sec. 30, And be in enacted. That nothing herein con-
tained, shall be construed to deprive the State of Mary-
land from imposing such taxes upon the property and
effects of said company, as the said state may think pro-
per.