JOHN WALTER SMITH, ESQ., GOVERNOR.

appoint and employ such officers, clerks and agents as the
business of said company from time to time requires; all elec-
tions to be by ballot, each share of stock being entitled to one
vote, but no person shall be eligible to director who shall not
hold ten shares of stock, and said directors, so elected of 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 on behalf of said company all rights and
privileges which are hereby given, and to generally do, execute
and enforce all and singular such acts, contracts, matters and
things as may be necessary to carry out the objects and
protect the interests of said body corporate.

1143

SEC. 5. And be it further enacted, That the capital stock of
said company shall consist of two thousand shares, par value
of fifty dollars each, being one hundred thousand dollars with
the privilege to increase the same from time to time, to
$500,000, by a majority vote of the stockholders at a special
meeting or meetings to be called for that purpose. And
should the capital stock be at any time increased, the stock-
holders at the time of such increase shall be entitled to a pro-
rata share of such increase upon the payment of the par value
of the same.

Capital stock,
with privilege
to increase.

SEC. 6. That the directors aforesaid shall have power to
declare such dividends of property of the said company, as
they may deem proper; provided, that no dividends shall be
declared when the capital stock would be impaired thereby.

Dividends.

SEC. 7. And be it enacted, That the capital stock of said
company shall be invested in bonds and mortgages, upon the
fee-simple or leasehold estate, or in securities or bonds of the
United States or in stocks, securities or bonds of States, or of
incorporated cities or railroads, or in such real estate as may
be required for the use of the company in the erection of a
suitable building in which to carry on its business, in the
discretion of said company.

How capital
stock invested

SEC. 8. And be it further enacted, That the said company
be and it is hereby authorized to accept and execute trusts of
all and every description, which may be committed or trans-
ferred with their consent to it, by any person or persons
whomsoever, bodies corporate or public, or by any court in
the State of Maryland or in any one of the United States, and
to accept the office and appointment of executor and admin-
istrator of any kind or nature, whenever such office or ap-
pointment is conferred or made by any person or persons, or
by any Orphans' Court or other court, either of this State or

Authority to
accept and
execute trusts
of all kinds,
etc.