JOHN WALTER SMITH, ESQ., GOVERNOR.

and style of "The German-American Trust and Guaranty
Company of Baltimore City," and by that name shall have
perpetual succession, and be capable in law to acquire and
hold, and in any wise dispose of property, and to sue and be
sued, plead and be impleaded, in any court whatever, to make
and use a common seal, and to alter the same at pleasure, and
generally to do everything proper to carry into effect the pro-
visions of this Act or prompts the object and designs of the
company hereby incorporated.

1105

SEC. 2. And be it enacted, That the capital stock of said
company shall consist of ten thousand shares, at fifty dollars
each, being five hundred thousand dollars, and the incorpora-
tors, or a majority of them, named in this Act, shall have
power to open books for subscription at such times and places
as they may deem expedient; and when ten hundred shares
of said ten thousand shares have been subscribed, and when

Capital stock.

fifty per cent, on said ten hundred shares shall have been paid
in, the stockholders may elect twelve directors to serve until
the ensuing annual election; and the directors so elected by
said company, when it shall have been organized may, and
they are hereby authorized and empowered, to have and to
exercise in the name and behalf of the company, all rights
and privileges which are intended to be hereby given; and the
stockholders shall have the right, by vote, at a general or
special meeting, called for the purpose, to change the number
of directors from twelve to a number not exceeding twenty-
four.

Organization.

SEC. 3. And be it enacted, That directors shall thereafter be
elected annually by the stockholders on fthe first Monday in
January, and that they shall elect from their number at the
first meeting of the board, after their election, as prescribed
by the second section of this Act, and after all subsequent
elections, a president, first vice-president, second vice-presi-
dent, and also shall have power to elect a secretary and treas-
urer, who need not be of their number, and to appoint and
employ such other officers, clerks and agents as the business
of said company from time to time requires. All elections
shall be by ballot, and at such elections, and at all meetings
of the stockholders, every stockholder shall be entitled to one
vote for every share of stock held by him, but no person shall
be eligible as director who is not a stockholder to the amount
of at least ten shares of stock.

Annual
election of
directors,
president and
other officers.

SEC. 4. And be it enacted, That five days' notice shall be
given by publication in two daily newspapers in Baltimore
City of the time and place of such annual election, which elec-

Time and
place of
election.