hart, their associates, successors and assigns, be
and they are hereby created a corporation and body
politic by the name and style of the Maryland
Hotel Company, and by that name may have suc-
cession, and shall be capable in law and in equity
to sue and be sued in the Courts of this State, to
make and use a common seal, and to adopt such
by-laws and regulations as may be necessary to
conduct the affairs of the corporation, not repug-
nant to the laws of this State or of this charter.

Sec. 2. And be it enacted, That the object of this
corporation is hereby declared to be the building
or leasing and conducting of a Hotel in the city of
Annapolis, for which purpose they are hereby au-
thorized and empowered to buy, hold, sell or lease
real and personal property, to erect the necessary
buildings and furnish the same, and they are here-
by invested with all such powers and rights as
may be necessary for the purposes of said corpora-
tion, as herein declared, and the said corporation
may rent out or lease the said Hotel and the furni-
ture thereof, from time to time, and the said cor-
poration shall have power to enter into all con-
tracts necessary for the construction and carrying
on of said Hotel, to borrow money and to mort-
gage their property to secure the same.

Object of in
corporation.

Sec. 3. And be it enacted. That the capital
stock of said corporation shall not exceed two
hundred thousand dollars, and shall be divided in-
to shares of fifty dollars each.

Capital stock
limited.

Sec. 4. And be it enacted. That for the man-
agement of the affairs of said company or corpor-
ation, the stockholders therein shall elect a Presi-
dent and four Directors as soon as they shall de-
termine that a sufficient amount of stock has been
subscribed, after giving twenty days notice thereof
to the stockholders by individual or public notice
published in some newspaper in the city of An-
napolis, and there shall be an election of Presi-
dent and Directors annually on the same day on
which the first election was held, unless otherwise
provided by the stockholders, but the succession
shall not be interrupted if there should be a failure
to elect, in such case the incumbents shall hold
over until another election shall be called and
held by the stockholders or any three of them, af-
40

Management
of affairs.