232

LAWS OF MARYLAND.

call a meeting of the subscribers at such time and
place, and with such notice as they shall deem
proper, after the minimum amount of capital afore-
said shall be subscribed, and may do all such other
lawful acts as shall be proper to constitute and
organize the said corporation until the first Board
of Directors shall be elected, including the power
in person or through persons appointed by them,
to superintend, conduct, scrutinize and certify that
election.

Directors.

Sec. 4, And be it enacted, That at the meeting
of subscribers to be called as aforesaid, or at any
meeting called by adjournment thereof from time
time, there shall be an election of Directors, and
from the time of such election the said corporation
shall be deemed to be completely organized and
constituted with all the faculties, rights and privi-
leges hereby granted.

Powers.

Sec. 5. And be it enacted, That the said corpo-
ration shall have all the powers, qualities, facul-
ties, lights and privileges which lawfully, belong
to corporations generally, so far as the same shall
be necessary for the purposes of its incorporation,
including perpetual succession, the right to have
and use a common seal and to change the same at
pleasure ; the power to purchase, receive, acquire,
hold, sell, lease, dispose of and manage estates,
real, personal and mixed ; the right to sue and be
sued, and to transact its business in the said corpo-
rate name ; the power to appoint officers, agents,
engineers and servants ; the power to make con-
tracts, and the power to make all by-laws, rules
and regulations which may be deemed expedient
and not contrary to law, but not including any
banking privileges.

Transact all
business.

Sec. 6. And be it enacted, That there shall be
twelve Directors of said corporation, who shall be
a Board to transact and manage all the affairs of
the corporation and exercise all its powers, subject
to the control of the stockholders in general meet-
ing. A majority of the Board shall be a quorum.
They shall be elected annually by the stockholders
in general meeting, and shall hold their offices for
one year, and until their successors shall be elected.
They shall be stockholders of the corporation.
They shall be elected under regulations and super-