294

LAWS OF MARYLAND.

Subscriptions.

Sec. 4. And be it enacted, That the subscrip-
tion to the said capital stock shall be made at such
place and in such manner as shall be designated
by the said Curtin M. Graham, William Arm-
strong and John B. Wright, or a majority of them,
and that the stockholders at all their meetings
shall be entitled to one vote for each share of stock,
in person or by proxy, and the shares of said cap-
ital stock shall be assignable or transferrable, as
may be provided for by the by-laws of said Com-
pany, and shall be considered as personal property,
and lands may be subscribed instead of money, in
such manner and on such terms as may be agreed
upon between the subscribers and the persons who
may take the subscriptions of said capital stock.

President and
Directors.

Sec. 5. And be it enacted, That the affairs of
the said Company shall be managed by a President
and six Directors, who shall be chosen annually
by the stockholders, to serve one year and until
others shall be elected, and until the first election
of Directors shall be held, the said Curtiu M.
Graham, William Armstrong and John B. Wright
or a majority of them, shall have full power and
authority to exercise all corporate powers of said
Company, and in case of any vacancy occurring in
the Presidency or Directors of said Company, the
remaining Directors shall have the power to fill
such vacancy by appointing some other stockholder
until the next general election thereafter.

General meet-
ing.

Sec. 6. And be it enacted, That a general meet-
ing of the stockholders shall be held as soon as the
Company is organized, and annually thereafter at
such time and place as may be designated by the
Directors.

Banking pro-
hibited.

Sec, 7. And be it enacted, That nothing in this
Act shall be so construed as to authorize the said
Corporation to issue any note, token, device, scrip
or other evidence of debt to be used as currency.

In force and
reservation.

Sec. 8. And be it enacted, That this Act shall
take effect from the date of its passage, and the
General Assembly reserves the right to alter,
amend or repeal this Act at pleasure.

Approved March 20, 1868,