616

LAWS OF MARYLAND.

Farmers'
Banking and
Trust Co. of
Montgomery
County.
Incorporated.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Samuel L. Phillips, William Dorsey, Lee Offutt,
Charles Veirs, John H. Kelchner, Arthur Williams, Wm.
Garner Bouic, Josiah J. Hutton and James E. Deets, and their
associates and successors, and all such persons as shall here-
after become stockholders in the company hereby incorporated,
shall be and they are hereby constituted a body politic and
corporate by the name and style of the Farmers' Banking and
Trust Company of Montgomery County, and by that name be
capable in law to acquire and hold, and in any wise dispose
of property, and to sue and be sued, plead and be impleaded in
any court whatever, to make and use a common seal, and to
alter same at pleasure, and generally do everything proper to
carry into effect the provisions of this Act, or to promote the
objects and designs of the company hereby incorporated.

SEC. 2. And be it enacted, That its principal office shall be
in Rockville, in said county.

Capital stock,
with privilege
to increase.

SEC. 3. And be it enacted, That the capital stock of said
company shall consist of five hundred shares at one hun-
dred dollars each, being fifty thousand dollars, with the priv-
ilege to increase the same, from time to time, up to the sum
of two hundred and fifty thousand 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 the power to open books for subscrip-
tion at such time and places as they may deem expedient; and
when said five hundred shares have been subscribed, and
when forty per cent, thereon has been paid in, the stockhold-
ers may elect not less than seven directors nor more than
twelve, as the stockholders may determine, to serve until the
annual election in May, in the year nineteen hundred, or if
said five hundred shares be not then subscribed, or if forty
per cent, of said stock be not then paid in until the annual
election in May, nineteen hundred and one, and the directors
so elected of said company when it shall have been organized
may and they are hereby authorized 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 should the capital stock be at any time increased, the
stockholders at the time of such increase shall be entitled to
a pro rata of such increase upon the payment of the par value
of the same.

Annual

election ot

directors and
officers.

SEC. 4. And be it enacted. That the directors shall there-
after be elected annually by the stockholders on the first Mon
day in May, and they shall elect from their number, at the