JOHN WALTER SMITH, ESQ., GOVERNOR.

993

SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders on the third Monday of April,
and they shall elect from their number at the first meeting of
the board after their election and after all subsequent elections
a president and one or more vice-presidents, and shall also
have power to elect a secretary and treasurer, and to appoint
and employ such other officers and agents as the business of
such corporation from time to time may require. All elec-
tions shall be by ballot, each share of stock being entitled to
one vote. At such elections and at all meetings of stock-
holders every stockholder shall be entitled to one vote for
every share of stock held by him, but no person shall be
eligible as a director who is not a stockholder to the amount
often (10) shares of stock.

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

SEC. 4. And be it further enacted, That ten days' notice
shall be given by publication in on eor more newspapers pub-
lished in Baltimore City of the time and place of said annual
election, which annual election shall be conducted by three
stockholders to be selected by the body of stockholders, one
of whom shall be designated to act as judge and the other
two as inspectors.

Publish notice
of time and
place of
election.

SEC. 5. And be it further enacted, That the directors shall
have power to declare such dividends of the profits of said
corporation as they may deem proper; provided, that no divi-
dend shall be declared when the capital stock would be im-
paired thereby.

Dividends.

SEC. 6. And be it further enacted, That the directors of
the corporation hereby created shall have power to enact and
adopt such rules and regulations and by-laws for the govern-
ment and management and the affairs of said corporation as
the may deem advantageous to the interests thereof; pro-
vided, the same be not contrary to law.

Power to
enact rules,
by-laws, etc.

SEC. 7. And be it further enacted, That the said corpora-
tion be and is hereby authorized and empowered to take the
management, custody, control and charge of property, real,
personal or mixed, and to advance money upon any property,
real, personal or mixed, on such terms and all such powers of
sale or other disposition thereof as by the charter and by-laws
of this company, or by agreement in writing between the
said company and the person or persons to whom advances as
aforesaid may be made, and the said corporation shall be and
is hereby authorized, either for itself or as agent, to buy, sell,
lease or otherwise acquire or hold real or personal property in
the State of Maryland or elsewhere, as fully and completely

Authority to
take custody,
control, etc.,
of real and
personal
property,
advance
money, etc.