JOHN WALTER SMITH, ESQ., GOVERNOR.

of stock held by him, but no person shall be eligible as director
who is not a stockholder to the amount of at least ten shares
of stock.

609

SEC. 5. And be it further enacted, That ten days' notice
shall be given by publication in two newspapers published in
Cambridge, Dorchester County, Maryland, of the time and
place of said annual election, which election shall be conducted
by three stockholders, to be named by the directors from the
body of stockholders, one of whom shall be designated to act
as judge and the other two as inspectors.

Shall publish
notice of
elections.

SEC. 6. And be it further enacted, That the directors shall
have power to declare dividends of the profits of the said
company as they may deem proper; provided, that no dividend
shall be declared where the capital stock would be impaired
thereby.

May declare
dividends.

SEC. 7. And be it further enacted, That the directors of said
corporation hereby created shall have power to enact and adopt
such rules, regulations and by-laws for the government and
management of the affairs of said corporation as they may
deem proper and advantageous to the interests thereof, pro-
vided the same be not contrary to the law of the land.

Power to
enact rules,
by-laws, etc.

SEC. 8. And be it further enacted, That the said corporation
shall have power to purchase and hold, bargain and sell, grant,
assign and convey land or any interest or estate therein, chat-
tels, choses in action, checks, notes, bills receivable, bills
payable, bills of exchange, due bills, certificates of deposit,
warehouse receipts, stocks, bonds, mortgages on real, lease-
hold or chattel property, and every evidence of debt, to advance
money upon the security thereof by receiving and holding the
same on such terms as may be agreed upon or established by
the said corporation, or of accepting mortgages or other liens
thereon, and generally to deal in every and all description of
property or properties, personal effects, securities, mortgages,
bonds, certificates of indebtedness, stock of incorporated com-
panies, exchange, foreign and domestic, notes, loans on bonds
of the United States, or of any State, city, county or munici-
pality, or of any incorporated company, copartnership, joint
stock company or individual, upon such terms as may be
agreed upon or established by said corporation.

Power to
purchase,
bargain and
sell, land,
chattels, etc.

SEC. 9. And be it further enacted, That the said corporation
be and it is hereby authorized and empowered to accept and
execute, as fully as a natural person, trusts of any and every
description which may be committed or transferred to it, with

Authority to
execute trusts
of every
description.