498

LAWS OF MARYLAND.

incorporated, shall be a body corporate by the name and style
of the State Trust and Deposit Company of Baltimore City,
Maryland, and by that name shall have perpetual succession,
and sue and be sued in any court whatever. The office of the
corporation shall be in Baltimore City, Maryland.

Capital stock.
With privilege
to increase.

SEC. 2. And be it enacted, That the capital stock of said com-
pany shall consist of one thousand shares, at one hundred
dollars each, being one hundred thousand dollars, with the
privilege to increase the same, from time to time, by a majority
vote of all the stock at a special meeting to be called for that
purpose, to one million dollars; and the above-named incor-
porators or a majority of them, shall have power to open
books for subscriptions at such times and places as they may
deem expedient, and when not less than four hundred shares
have been subscribed and fully paid for, the stockholders may
elect seven or more directors to serve until the ensuing annual
election or until their successors have been duty elected and
qualified; and the directors of said company so elected may
and they 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 determine.

Annual
election of
directors.

SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders on the second Tuesday of Janu-
ary 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 the said directors shall also have power to elect a secre-

Officers

tary and treasurer, and to appoint and employ such other
officers, clerks and agents as the business of said company
from time to time may require. All elections shall be by
ballot, and at such elections and all meetings of stockholders
every stockholder shall be entitled to one vote for every share
of stock held by him; that no person shall be eligible as
director who is not a stockholder to the amount of ten shares
of stock.

Publish notice
of election.

SEC. 4. And be it enacted, That ten days' notice shall be
given by publication in two newspapers published in Balti-
more City of the time and place of said annual election, and