796

LAWS OF MARYLAND.

and they are hereby constituted a body politic and corporate,
by the name and style of the "Hagerstown Fidelity Com-
pany, and by that name shall have perpetual succession, and
be capable in law to acquire and hold and in anywise to dis-
pose 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 the same at pleasure, and generally to do
everything proper to carry into effect the provisions of this
Act, or to promote the objects and designs of the company
hereby incorporated. The office of this corporation shall be
located in Washington County, Maryland.

Capital stock,
with privilege
to increase.

SEC. 2. And be it further enacted. That the capital stock of
said company shall consist of six thousand shares, of the par
value of fifty dollars each, which aggregate three hundred
thousand dollars, with the privilege to the said corporation to
increase the same, from time to time, to five hundred thous-
and dollars, in shares of the par value of fifty dollars each, by
a vote of the stockholders at a special meeting, or at a meet-

Organization.

ing to be called for that purpose; and the incorporators, or a
majority of them, shall have power to open books for sub-
scription, at such times and places as they may deem expe-
dient; and when said six thousand shares have been sub-
scribed, and when fifty per centum thereon has been paid in,
the stockholders may elect twelve directors, to serve until the
ensuing annual election, or until their successors have been
duly elected and qualified; 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 said company, all the rights and
privileges which are intended to be hereby given; and the
stockholders shall have the right, by vote at a general or
special meeting called therefor, to increase the number of
directors from twelve to a number not exceeding twenty-four.

Annual
election of
directors and
officers.

SEC. 3. And be it further enacted, That the directors shall
be elected annually by the stockholders on the second Mon-
day in January, and they shall elect from their number, at
the first meeting of the board after their election, as pre-
scribed by the second section of this Act, and after all subse-
quent elections, a president and vice-president, with power to
elect a second vice-president, whenever said directors shall
consider the same expedient or proper; and shall, also have
power to elect a secretary and treasurer, who need not be of
their number, and one person may hold both offices; and they
shall also have power to appoint and employ such other offi-
cers, clerks and agents as the business of said company from.