366

LAWS OF MARYLAND.

Continental
Trust Co.
New
amendments,

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That sections two and three of Chapter five hundred
and ten of the Acts of eighteen hundred and ninety-eight,
entitled "An Act to incorporate the Continental Trust Com-
pany," be and the same are hereby repealed and reenacted,
with amendments, so as to read as follows:

Capital stock
Privilege
to increase.

SEC. 2. And be it enacted, That the capital stock of the
said company shall consist of twenty-five hundred shares, at
one hundred dollars each, being two hundred and fifty thous-
and dollars, with the privilege to increase the same from time
to time up to the sum of ten million dollars by a vote of the
stockholders, at a special meeting to be called for that pur-
pose, and the incorporators, or a majority of them, named in
this Act, shall have power to open books for subscription at
such times and places as they may deem expedient; and when
twelve hundred shares of said twenty-five hundred shares
have been subscribed, and when fifty per cent, on said twelve

Directors
elected.

hundred shares shall have been paid in, the stockholders may
elect twelve directors to serve until the ensuing annual elec-
tion; and the directors so elected of said company, when it
shall have been organized, may and they are hereby author-
ized and empowered to have and to exercise, in the name and
in behalf of the company, all rights and privileges which are
intended to be hereby given; and the stockholders shall have
the right, by vote, at a general or special meeting called for
the purpose, to change the number of directors from twelve to
a number not exceeding twenty-four.

Officers.
Manner
of election.

SEC. 3. And be it enacted, That directors shall hereafter be
elected annually by the stockholders on the Tuesday after the
first Monday in January, and that they shall elect a president
and first vice-president from their number at the first meeting
of the board after their election, and if any vacancy shall occur
by death, resignation or refusal to act of the president or first
vice-president before the year for which they were elected has
expired, the directors shall elect a president or first vice-
president to fill such vacancies at the first meeting held after
such vacancy occurs. The directors shall also elect from time
to time, as the business of said company requires, either from
their number or others as many additional vice-presidents as
they may think proper, and shall also have power to elect a
secretary, treasurer and cashier, who need not be of their
number, and to appoint and employ such other officers, clerks
and agents as the business of said company from time to time
requires. All elections shall be by ballot, and at such elec-
tions and at all meetings of the stockholders every stock-