340

LAWS OF MARYLAND.

are hereby authorized and empowered to have and to exercise,
in the name and on 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, and of such price in excess of the par value as the
Board of Directors may prescribe.

Directors
elected.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the third Tuesday in
April in each year, and 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 and a vice-president or vice-presidents;
and that said directors shall also have power to elect a secre-

Officers.

tary and treasurer, and to appoint or employ such other
officers, clerks and agents as the business of said company
from time to time may require, and shall have power to enact
and adopt such rules and regulations and by -laws for the gov-
ernment and management of the affairs of said corporation,
not inconsistent with law, as they may deem advantageous to
the interests thereof. All elections shall be by ballot, and at
such elections and all meetings of stockholders every stock-
holder shall be entitled to one vote for every share of stock
held by him.

Notice
of election.
Dividends.

SEC. 4. And be it enacted, That ten days' notice shall be
given by publication in two daily newspapers published in the
City of Baltimore of the time and place of said annual elec-
tions, and when a meeting shall be held in pursuance of such
notice it shall be organized, and its proceedings shall be con-
ducted as may be prescribed by the by-laws of the company.

SEC. 5. And be it enacted, That the directors shall have
power to declare such dividends of profits of the said company
as they may deem proper; provided, that no dividend shall
be declared when the capital stock would be impaired
thereby.

Authority
to act as
trustee, etc.

SEC. 6. And be it enacted, That the said corporation be and
it is hereby authorized and empowered to act as trustee under
any deed, mortgage, bond or agreement executed and issued
by any person, firm, municipality, body politic, or public or
private corporation, and to accept and execute as fully as a
natural person trusts of every description which may be com-
mitted or transferred to said company with its consent by any
person or persons whatsoever, or by any corporation or cor-