344

LAWS OF MARYLAND.

assigns, be and they are hereby created and made a body cor-
porate, under and by the name and style of the Maryland Auto-
mobile and Manufacturing Company, and by that name shall
have perpetual succession, and shall be capable to sue and be
sued, complain or defend in any court of law or equity, to make
and use a common seal, and alter the same at pleasure, to
receive and make deeds and contracts, to acquire by purchase
or in any other manner take and receive, hold, use, employ,
manage, mortgage, dispose of, or in any other manner not
inconsistent with the law, deal in any property, real, per-
sonal or mixed, and situate in or out of this State, which may
be necessary or proper to enable said corporation to carry out
its operations, or fulfil the purposes for which it is incor-
porated, and generally to do every other act or thing, not
inconsistent with law, which may be necessary or proper to
promote the objects, designs and purposes for which this cor-
poration is formed.

Capital stock

SEC. 2. And be it enacted, That the capital stock of said
corporation shall be five thousand dollars, divided into one
hundred shares, with a par value of fifty dollars each, with
the privilege of increasing same from time to time to five
hundred thousand dollars; and the incorporators, or their
successors or assigns, or a majority of them, shall have power
to open books for subscription at such times and places as
they may deem expedient.

Election
of directors.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Wednes-
day in May of each year, and they shall elect from their
number a president, vice-president, secretary and treasurer,
and employ such other agents and employees as the business
of the company may require. Each stockholder shall be
allowed one vote for each share of stock owned by him or her,
and every stockholder may vote in person or by proxy. The
directors and other officers shall serve for one year, or until
their successors are elected and qualified. Ten days' notice
shall be given by publication in two daily newspapers pub-
lished in the City of Baltimore, of the time and place of the
general annual meeting' of the stockholders and of the elec-
tion of directors of same.

Power
to declare
dividends.

SEC. 4. And be it enacted, That the directors shall have power
to declare such dividends out of the profits of said company as
they may deem proper; provided, that no dividend shall be
declared when the capital stock shall be impaired thereby.
The directors shall also have power to require payment from