202

LAWS OF MARYLAND.

ciates and successors and all such persons as shall here-
after become stockholders in the company hereb3^ incorpo-
rated shall be and they are hereby constituted a body
politic and corporate by the name and style of the Annap-
olis Banking and Trust Co., and by that name be capable
in law to acquire and hold and in anywise dispose of
property, and to sue and be sued, plead and be impleaded
in any court whatever; to make and to use a common seal,
and to alter same at pleasure, and generally do everything
proper to carry into effect the provisions of this Act, or
to promote the objects and designs of the company hereby
incorporated.

SEC. 2. And be it enacted, That the principal office of
said corporation shall be located in Anne Arundel County,
State of Maryland.

Capital stock.
Privilege to
increase.

SEC. 3. And be it enacted, That the capital stock of said com-
pany shall consist of five hundred shares at one hundred dol-
lars each, being fifty thousand dollars, with privilege to increase
the same from time to time up to the sum of two hundred and
fifty thousand dollars by a vote of the stockholders at a
special meeting to be called for that purpose, and the incor-
porators, or a majority of them, named in this Act shall have
the power to open books for subscription at such times and
places as they may deem expedient, and when said five
hundred shares have been subscribed, and when 40 per cent,
thereon has been paid in, the stockholders may elect not less
than seven directors, nor more than twelve, as the stock-
holders may determine, to serve until the annual election in
May, in the year 1900, and the directors so elected of said
company when it shall have been organized may and they
are hereby authorized and empowered to have and to exer-
cise in the name and in behalf of the company all rights and
privileges which are intended to be hereby given; and should
the capital stock be at any time increased, the stockholders
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.

Election
of directors.

Appointment
of officers.

SEC. 4. And be it enacted, That the directors shall there-
after be elected annually by the stockholders on the first Mon-
day in May, and they shall elect from their number at the
first meeting of the board after their election, as prescribed
by the third section of this Act, and after all subsequent
elections, president, first vice-president, second vice-president
and treasurer, and shall also have power to elect a secretary,