976

LAWS OF MARYLAND.

of any purpose whatsoever. The said body corporate shall
not, however, begin the prosecution of any business under its
charter until its said stock, to the amount of two hundred and
fifty shares, shall have been subscribed, which may be pay-
able in such installments as the directors of said corporation

May elect
certain number
of directors.

may stipulate, and when all of the two hundred and fifty
shares shall have been subscribed, the stockholders may elect
not less than seven, nor more than twenty-five directors from
among themselves, to hold until the ensuing annual meeting,
or until their successors shall 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 on behalf of the company all rights and privileges
which are intended to be hereby given, and should the capi-
tal stock from time to time, or at any time or times be
increased, the stockholders at the time of such increase or
increases shall be entitled to subscribe to a pro rata share of
such increase or increases upon the payment of such price at
par or above par for said stock as may be determined upon by
a vote of the majority of the stockholders of said corporation
at the time of such increase or increases; and in case of the
failure of any of the stockholders to subscribe and pay for
their pro rata share of said stock at the price named in said
resolution or resolutions, and within the time limited and
fixed under said resolution or resolutions, then the board of
directors shall have the power to sell said stock, payable in
installments, to such persons or corporations as they may
see fit — not, however, under the price fixed in said resolu-
tion or resolutions.

Annual elec-
tion of
directors,
president and
other officers.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Tuesday
in July, 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 such vice-presidents as they may see fit; and
shall also have power to elect a secretary, or such assistant
secretaries and a treasurer, or such assistant treasurers and
an auditor, and said secretary and treasurer may be one per-
son, and to appoint and employ such other officers, clerks and
agents as the business of the said company from time to time
requires; 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 stock-
holder to the amount of two shares of stock.