658

LAWS OF MARYLAND.

succession, and shall be able and capable in law
to sue and be sued, plead and be impleaded, an-
swer and be answered unto in any court of law or
equity, and to make and use a common seal, and
the same to change and alter at pleasure, and es-
tablish such by-laws and regulations as shall be
necessary or correct for conducting the affairs of
the corporation.

Capital stock.

Sec. 2. And be it enacted, That the capital
stock of the said corporation shall consist of five
thousand shares, of one hundred dollars each, and
the several persons, or a majority of them, named
in the first Section of this Act, shall cause books
to be opened at such times and places as they may
deem expedient for the purpose of receiving sub-
scriptions to the capital stock of said corporation, to
which any person may subscribe, and to which
any Railroad Company, Fire, Marine or Life In-
surance Company incorporated by the General
Assembly of Maryland, may subscribe and become
stockholders in said Company, provided a majority
of the stockholders shall so determine.

General meet-
ing-

Sec. 3. And be it enacted, That so soon as three
hundred shares of the capital stock shall be sub-
scribed as aforesaid, the persons named in the first
Section of this Act, or a majority of them, shall
call a general meeting of the stockholders at such
time and place as they may appoint ; at such meet-
ing the stockholders shall elect five Directors, who
shall be stockholders, and every share of stock
shall be entitled to one vote, to be voted either by
the person or firm in whose name the stock may
stand on the books of said corporation, or by his,
her or their proxy, and the five persons so elected
shall act as Directors until the first Wednesday in
the following May, and until their successors are
elected and duly qualified ; and annually thereafter,
on the first Wednesday in the month of April,
there shall be an election held for five Directors,
who shall be stockholders, and who shall continue
to act as Directors until their successors are
qualified. :

President and
Secretary.

Sec. 4. And be it enacted, That every Board of
Directors of said corporation shall, at their first
meeting after their election, or as soon thereafter
as practicable, elect one of their body to be Presi-