JOHN WALTER SMITH, ESQ., GOVERNOR,

in this Act shall have power to open books for subscriptions
at such times and places as they may deem expedient, and
when two thousand shares of said ten thousand shares of
stock have been subscribed, and when 50 per cent, on said
two thousand shares shall have been paid in, the stockholders
may elect five directors to serve until the ensuing annual
election, and the said corporation shall then be entitled to all

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the rights, powers, privileges and franchises conferred by
this Act, and the directors so elected of said company, wheni
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 the stockholders
shall have the right by vote at the general or special meeting
called for the purpose to change the number of directors from
time to time from five to a number not exceeding twenty-five.
And should the capital stock of said corporation 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.

Rightstpowers,
privileges, etc.

SEC. 3. And be it enacted, That the directors shall there-
after be elected annually by the stockholders on the first Mon-
day in October, and that they shall elect from their number
at the first meeting of the board after their election, as pre-
scribed by the section of this Act, and after all subsequent
elections, a president, vice-president, and if deemed expedi-
ent, a second vice-president, and shall also have power to
elect a secretary and treasurer, who need not be of their num-
ber, and 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 elec-
tions and at all meetings of the stockholders every stock-
holder shall be entitled to one vote for every share 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.

Annual
election of
directors and
officers.

SEC. 4. And be it enacted, That five days' notice shall be
given by publication in two daily newspapers in Baltimore
City of the time and place of such annual election, which
election shall be conducted by three stockholders, to be named
by the directors from the body of the stockholders, one of
whom shall be designated to act as judge and the other two
as inspectors.

Publish notice
of election.