630

LAWS OF MARYLAND.

crease the same, from time to time, to one hundred thousand
dollars, in shares of the par value of one hundred dollars each,
by a vote of the stockholders at a special meeting duly called
for that purpose; and the incorporators named in this Act, or
a majority of them, shall have power at any time hereafter to
open books for subscriptions to said capital stock at such times

Subscriptions
to stock may
be made in
property.

and places as they may deem expedient, and subscriptio.ns to
said capital stock may be made in any property necessary for
the business of said corporation at valuations determined by
said incorporators or a majority of them; and when not less
than one hundred shares of said capital stock shall have been
subscribed, the stockholders may organize the said corpora-
tion and may elect five directors to serve until the ensuing
annual election and until their successors have been duly
elected and qualified; and the directors so elected may choose
from their number a president and such other officers of said
corporation as they think necessary, to serve until the ensu-
ing annual election; and the directors so elected shall have
and they are hereby empowered to have and exercise in the
name and behalf of said corporation all the rights and privi-
leges which are intended to be hereby given.

Annual elec-
tion of direc-
tors and
officers.

SRC. 3. And be H enacted, That the affairs of the corporation
shall, from and after the first annual election, be managed by
a board of directors consisting of not less than five and not
more than nine stockholders of the said corporation, who shall
be annually chosen by the stockholders, to serve for one year
and until their successors shall be elected; and the directors
shall annually choose from their own number, at their first
meeting after their election, a president, secretary and treas-
urer, and such other officers of the corporation as they may
deem necessary; if a vacancy occurs at any time in the direc-

How vacancies
may be
filled.

torship or any other office of said corporation, the directors
shall have the power to fill such vacancy until the next gen-
eral meeting of the stockholders; the board of directors shall
have full power to appoint all agents and servants of the cor-
poration, and to fix their compensation and term of service;
that the principal office of the said corporation shall be in
Baltimore City.

Time specified
for annual
meeting.

SEC. 4. And be it enacted. That the annual meeting of the
stockholders for the election of directors and for such other
business as may properly come before them, shall be held on
the second Monday in January in each year; at all meetings
of stockholders each stockholder shall be entitled to one vote
for every share of stock held by him; that at least ten days'
notice of the time and place of holding the annual and other