928

LAWS OF MARYLAND.

pro rata share of such incaease, 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; and the principal
office of the said corporation shall be in Baltimore County.

Annual elec-
tion of
directors.

SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders on the third Tuesday in January,
in each year, and they shall elect from their number, at the
first meeting of the board after their election, as prescribed
by the second section of this Act, and after all subsequent
elections, a president and vice-president, or vice-presidents,

Shall elect
president and
other officers.

and the said directors shall also have power to elect a secre-
tary and a treasurer, and to appoint and employ such other
officers, clerks and agents as the business of said company
from time to time may require; all elections shall be by ballot,
and at such elections and all meetings of stockholders every
stockholder 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 twenty shares of
stock.

Dividends.

SEC. 4. And be it enacted, That the directors shall have
power to declare such, dividends of profits of the said company
as they may deem proper, provided that no dividend shall be
declared when the capital stock would be impaired thereby.

Power to
enact rules,
by-laws, etc.

SEC. 5. And be it enacted, That the president, vice-presi-
dent and directors of the corporation hereby created shall have
power to enact and adopt such rules, regulations and by-laws
for the government and management of the affairs of said
corporation as they may deem advantageous to the interest
thereof not inconsistent with the laws of this State.

Authority to
execute trusts
of all kinds,
etc.

SEC. 6. And be it enacted, That the said corporation be
and it is hereby authorized and empowered to accept and
execute, as fully as a natural person, trusts of any and every
description, which may be committed or transferred to it with
its consent by any person or persons whomsoever, corporate
or public, upon such terms as may be agreed upon by and
between the said corporation and said person, natural or cor-
porate, or by any court in the State of Maryland, or by the
courts of the United States, or any of the States or Territories
thereof, and to accept the appointment and office of executor,
or administrator, guardian or committee, of every kind or
nature, whenever such appointment and office is conferred or

Court may
appoint as
executor,
trustee, etc.

made by any person or persons, or by any Orphans' Court or
other court of this State, or for the United States, or of any
other State; and in all cases when application shall be made