856

LAWS OF MARYLAND.

corporation, in person or by proxy, on the first Tuesday in
May, 1901, and in each and every year thereafter, upon the
same date, from among the shareholders by ballot, who shall
manage the affairs of the corporation for one year thereafter,
or until an election shall take place and their successors shall
be duly qualified. If no election takes place on the day
named, then the same may take place at any time thereafter.
The directors shall qualify at the next meeting of corporation
succeeding their election. Three persons shall constitute a
quorum and be empowered to transact the business of the
corporation.

Power to elect
president,
treasurer and
secretary.

SEC. 3. And be it enacted, That the directors or a majority
shall have power to elect from their own body a president,
treasurer and secretary; to fill all vacancies that may occur in
their office and in their own body; to appoint all other officers,
agents, attorneys and servants they may deem necessary to con-
duct and execute the business of the corporation, and in their
discretion to dismiss them. They shall also have power to elect
from their own body or outside thereof a general counsel and
managing attorney of said corporation. They shall also have

Election of
counsel.

power to take bonds for said corporation from all or any of the
officers, agents, attorneys or servants by them so appointed, with
security conditioned in such form as they shall approve for
the faithful performance of their respective duties, and to
secure the corporation against loss; to prescribe the powers,
duties and relations and fix the compensation of all officers,

Compensation
of officers.

agents and attorneys, and to make such by-laws as may be
deemed necessary for the exercise of the powers vested in the
said corporation, and the same to alter and repeal at pleasure;
provided always, that such by-laws shall not be contrary to
any law of this State or of the United States.

Capital stock.

SEC. 4. And be it enacted, That the capital stock of this
corporation shall be ten thousand ($10,000) dollars, divided
into one thousand (1,000) shares of the par value of ten ($10)
dollars each.

Who eligible
as president,

etc.

SEC. 5. And be it enacted, That no one shall be eligible as
president, secretary and treasurer, or director, who is not a
bona fide holder of at least one share of stock of this corpora-
tion, and upon his ceasing to hold one share at least his said
office or directorship shall, ipso facto, be and become void,
and the secretary and treasurer may be one person only.

Loss, defic-
iency orfailure
of capital
stock, who
liable.

SEC. 6. And be it enacted, That no stockholder of this cor-
poration shall be answerable in personal or individual prop-
erty for any contract of the said corporation, or for any loss
or deficiency or failure of the capital stock of this corporation,