818

LAWS OF MARYLAND.

Organization.

rate and its officers, agents and employees, and from time to
time to amend the same; provided such constitution, by-laws.
or amendments thereto shall not conflict with the Constitution
and laws of this State or of the United States; to elect or
appoint directors, officers and agents, and generally to do,
execute and enforce all and singular such acts, contracts,
matters and things as may be necessary to carry out the
objects and purposes and to promote the interests of said body
corporate, and to exercise the power or powers by this.
Act conferred upon it; and for that purpose shall have the
right to establish and maintain a home and branch offices or
places of business in Chestertown, Kent County, Maryland,
and elsewhere.

Capital stock.
Privilege to
increase.

SEC. 2. And be it enacted, That the capital stock of said
body corporate shall consist of ten thousand shares of the par
value of ten dollars each; and said body corporate shall have
the right to increase its capital stock, from time to time, by
a vote of the stockholders at a special meeting or meetings
called and held for that purpose, to any sum or sums not
exceeding one hundred thousand shares of a par value of ten
dollars each, or one million dollars, the said body corporate
shall not, however, begin the prosecution of any business
under its charter until said stock to the amount of one hundred
thousand dollars, which may be payable in such installments
and at such times as the directors of said corporation may
determine, shall have been subscribed to, and one-fourth of
said sum of one hundred thousand dollars be actually paid in
and the remaining three-fourths secured to be paid.

Shall open
books for
subscription.

SEC. 3. And be it enacted, That the above-named incorpo-
rators, or a majority of them, shall have power to open books,
for subscription at such times and places as they may deem
expedient, and when not less than ten thousand shares have
been subscribed and not less than one dollar per share actually
paid thereon the stockholders may elect a board of directors
or managers to serve until the ensuing annual election, or

May elect

directors.

until their successors have been duly elected and qualified;
and the directors of said body corporate so elected may and
they are hereby authorized and empowered to have and to
exercise in the name and behalf of the corporation all rights
and privileges which are intended to be hereby given; and
should the capital stock be at any time increased the stock-
holders 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 or managers may prescribe.