1112

LAWS OF MARYLAND.

SEC. 2. And be it enacted, That the subscribers to said stock

and their successors and assigns shall be and they are hereby

Security Trust

declared to be incorporated into a company or body corporate

and Loan

by the name of "Security Trust and Loan Company," and by

Company.

that name shall have perpetual succession, and be capable in

law to acquire and hold and in anywise dispose of property,

and by such corporate name to sue and be sued, plead and be

impleaded in any court whatever ; to have and to use a common

seal and to alter the same at its pleasure, and generally to do,

execute and enforce all and singular such acts, contracts, mat-

ters and things as may be necessary or proper to carry into ef-

fect the provisions of this Act, or to protect the interests and

promote the objects and designs of the company hereby incor-

porated.

Capital stock,

SEC. 3. And be it enacted, That the capital stock of said cor-

and privilege
to increase

poration shall consist of five hundred shares of the par value

same.

of one hundred dollars each, with the privilege to increase

the same from time to time by a vote of the stockholders

at a special meeting or meetings to be held for that purpose,

to any sum or sums not exceeding three hundred thousand

dollars; one-fifth of the amount subscribed by any subscriber

to said capital stock shall be payable to the president and

directors of said company upon the organization thereof under

the provisions of this Act, and the balance in such instalments

and at such times as they may appoint and require.

S£C. 4. And be it enacted, That when one-half or more of

the capital stock of said company shall have been subscribed

in, the said commissioners, or a majority of them, may call

General

a general meeting of the subscribers at such time and place

meeting of
subscribers.

as they may appoint, giving at least ten days' notice thereof by

advertisement in two weekly newspapers published in Caroline

County; and the subscribers present at such meetings shall

elect, by ballot, from among their number five directors or

more, which may be increased at any time to a number not

exceeding twenty-five, to manage the affairs of the company

until the ensuing annual election or until their successors

have been elected and qualified. And the directors so elected,

when they have organized by the election of a president and

other officers and have collected one-fifth of the capital stock

Protecting

subscribed for, and not before, may and they are hereby

corporation's

authorized and empowered to have and to exercise in the

interests

name and in behalf of said corporation all rights, powers and

privileges which are intended to be hereby given, and gen-

erally to do, execute and enforce all and singular such acts,