468

LAWS OF MARYLAND.

contracts, matters and things as may be necessary or proper
to carry into effect the provisions of this Act, or to protect the
interests and promote the object and designs of the company
hereby incorporated.

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

Capital stock,
with power
to increase.

SEC. 3. And be it further enacted, That the capital stock of
said corporation shall consist of one thousand five hundred
shares of the par value of one hundred dollars each, being one
hundred and fifty thousand dollars; and said corporation shall
have the right to increase its capital stock, from time to time,
by a vote of a majority of the stockholders at a special meet-
ing or meetings to be held for that purpose, to any sum or
sums not exceeding one million dollars; 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 one thousand shares of
said one thousand five hundred shares have been subscribed,
and when fifty per cent, on said one thousand shares shall

Additional
directors.

have been paid in, the stockholders may elect, in addition to
the above-named incorporators, who are also hereby made
directors, such number of additional directors as they may see
fit; provided, the whole number of directors shall not be less
than twelve nor more than thirty; and the said directors so
elected as aforesaid, together with the incorporators named in
this Act, shall serve as the directors of said corporation until
the ensuing annual election, or until their successors have
been elected and qualified; and the directors so elected and

Powers
and privileges.

constituted of said company, when it shall have been organ-
ized, may and they are hereby authorized and empowered to
have and to exercise, in the name and in behalf of said cor-
poration, all rights, powers and privileges which are intended
to be hereby given, and to generally do, execute and enforce
all and singular such acts, contracts, matters and things as
may be necessary to carry out the object and designs and
protect the interests of said corporation; 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.

Annual
election of
directors.

SEC. 4. And be it further enacted, That the directors shall
thereafter be elected annually by the stockholders on the first
Monday in May, and they shall elect from their number, at