684

LAWS OF MARYLAND.

tions 74, 76, 77 and 78 of Article 23 of the Code of Public
General Laws of the State, title "Corporations," which capital
stock may be paid for in money, property which the com-
pany is authorized to own for its purposes, or labor and
services under contracts made by it; provided, that the com-
pany may begin business upon the payment in of 25 per cent,
in cash of its authorized capital stock, but the full amount
of the capital stock authorized by this Act must be paid
in in installments of not less than twenty-five cents each
during the succeeding years after that of beginning business.

Board of
directors
named.

SEC. 5. Be it enacted, That this company shall be managed
by a board of directors composed of not less than seven nor
more than fifteen, and that Robert De Barrill, Isaac Lobe
Straus, Kensett Brown, E. J. Dowell, Charles Shaffer, John
C. Wheatley, Wm. J. Wroth and Henry W. Straus, the
above-named incorporators shall constitute a board of direc-
tors of said company for the first year, until its successors are
elected and qualified, and until the first election by the stock-
holders, the incorporators and their successors are authorized
to fill any vacancies, and to complete the board of directors.

Annual elec-
tion.

After the first year, from the beginning of business, the direc-
tors shall be elected by the stockholders in person or by proxy
on the first Monday in May of each year from among said stock-
holders by ballot, and the majority of the directors shall consti-
tute a quorum to transact the business of the corporation.

Directors shall
elect
officers, etc.

SEC. 6. And be it enacted, That the directors shall have
power to elect or appoint officers, agents and servants as may
be necessary to conduct the business of this corporation, and in
their discretion to dismiss them; to take bonds for said corpora-
tion from all or any of the officers, agents or servants of the
company for the faithful performance of their respective
duties. The company is authorized to make all such

Authority
to make
by-laws.

by-laws and plans for the issuing of insurance, and for
the conduct of the business for which it is incorpo-
rated, as may be deemed necessary for the exercise of the
powers invested in said corporation, and the same to alter
and repeal at pleasure; provided, that such by-laws shall not
be contrary to any law of this State or of the United States,
and that the powers of the directors shall be under the con-
trol of the stockholders at any general meeting regularly
called; this company shall have the power under the sanction
of a majority of the stockholders represented at any special
meeting called for the purpose of considering the same, to
sell, assign or transfer the stock, property and franchises or