608

LAWS OF MARYLAND.

and said corporation shall have the right to increase its capi-
tal stock, from time to time, by a vote of a majority of the
stockholders at a special meeting or meetings to be held for
that purpose, to any sum or sums not exceeding three hun-

Additional
directors.

dred thousand dollars; and the incorporators, or a majority of
them, named in this Act, shall have power to open books for sub-
scription at such times and places as they ma3' deem expedient,
and when said one thousand shares have been subscribed and
fifty percent, thereon shall 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 twenty-
five; and the said directors so elected as aforesaid, together
with the incorporators named in this Act, shall serve as
directors of said corporation until the ensuing annual election
or until their successors have been elected and qualified; and
the directors so elected and constituted 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 said corporation, 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 corpora-
tion; 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 and
officers.

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 the first meeting of the board after their election, as pre-
scribed by the third section of this Act, and after all subse-
quent elections, a president and vice-president, with power to
elect such other number of vice-presidents whenever said
directors shall consider the same expedient or proper, and
shall also have power to elect a secretary and treasurer, who
need not be of their number, and one person may hold both
offices; and they shall also have power 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 elections and all meetings of stockholders
every stockholder shall be entitled to one vote for every share