198

LAWS OF MARYLAND.

six, amending the charter of said The American Banking
and Trust Company of Baltimore City, and changing its
name to that of "The American Bonding and Trust Com-
pany of Baltimore City," be and the same are hereby
repealed and re-enacted so as to read as follows:

Directors
elected annu-
ally.

Officers.

Sec. 3. That the directors shall be elected annually by
the stockholders on the second Monday in January in each
year, and they shall elect from their number, at the first
meeting of the board, a president, one or more vice-presi-
dents, an executive committee, to be composed of five or
more members of the board, of which the president and
vice-presidents shall be members ex-officio; said directors
shall also have power to elect a secretary and a treasurer
(which offices may be held by one person), and shall also
have power to elect one or more assistant secretaries and
assistant treasurers (which offices may be held by one
person), and to appoint and employ such other officers,
clerks and agents as the business of said company shall from
time to time require. All elections shall be by ballot, and
at all meetings of stockholders every stockholder shall be
entitled to one vote for each share of stock held by him.
No person shall be eligible as director who is not a stock-
holder to the amount of twenty shares. The executive
committee so chosen by said board shall have power to elect
non-resident local boards, non-resident local vice-presidents,
and non-resident local assistant secretaries, and such local
vice-presidents and local assistant secretaries may be vested
by the Executive Committee with power to sign and deliver
bonds of suretyship and other obligations for and on behalf
of and in the name of said company, to the same effect and
with the same binding obligation as if the said instruments
had been executed by the president, or a vice-president and
secretary, or assistant secretary, elected by the board of
directors.

Capital stock.
Power to
increase.

Sub-section 2. The capital stock of said company shall
consist of twenty thousand shares, of the par value of fifty
dollars each, aggregating one million dollars, with the power
to the said corporation to increase the same from time to time
to four million dollars in shares of like par value by a vote
of the stockholders of such company at an annual meeting,
or a special meeting called for that purpose; and whenever
the capital stock shall be at any time increased, the stock-
holders, at the time of such increase, shall be entitled to
subscribe to a pro rata proportion of such increase, and to
receive such stock on the payment of the price that may be