Books to be
opened.

Sec. 2. And be it enacted, That a majority of
the corporators herein named, proceed to open
books for subscription to the capital stock of the
said Company, and when eight thousand shares
are subscribed for and fully paid in money or pro-
perty, the corporators of this Act or a majority of
them shall call a meeting of the stockholders for
holding the first election of Directors of said Com-
pany, and when said election is made this Act
shall take full effect.

Capital stock
limited.

Sec. 3. And be it enacted, That the capital stock
of the said Company shall be five hundred thous-
and dollars, to be divided into shares of twenty-five
dollars each with the right and power in said Com-
pany to increase its capital stock from time to
time as may be deemed expedient, to any sum not
exceeding one million dollars, the subscription to
the capital stock of the Company may be made
payable in money or in real, personal or mixed
property, appropriate to the business of the Com-
pany, at a valuation to be received or rejected by
a majority of the stockholders, before the delivery
of any stock on all such conditional subscriptions,
and such subscription may include leases, rights
and privileges, contracts, patents or improved pro-
cess of manufacture.

Works—
where located

Sec. 4. And be it enacted, That the office and
works of the Maryland Metalic and Chemical Com-
pany shall be located in, or adjacent to, the city of
Baltimore, with the right and power to locate
branch works elsewhere as may best suit the in-
terests of the Company.

Affairs of the
Company—
how managed

3 gee. 5. And be it enacted, That the affairs and
business of the said Company shall be managed
and conducted by a board of Directors to consist
of not less than five nor more than nine members,
as may be determined, from time to time, by the
stockholders at any annual meeting of the same ;
the said board of Directors shall be elected annu-
ally after the first election as hereinbefore provid-
ed, and shall hold their office for one year or un-
til their successors are elected, but any failure to
elect such Directors annually shall in no wise im-
pair or affect the right of those holding over, or
the rights and interests of the Company; the
board of Directors shall elect as President one of