786

LAWS OF MARYLAND.

Transferable.

prescribe the time or times of receiving such sub-
scriptions, and the terms, manner and times of
paying the amounts subscribed; and shares of
stock of the said Company shall he transferable
upon the books thereof, in person or by the attor-
ney, in such manner and upon such terms as the
by-laws may prescribe, and the Board of Directors
shall have power to enforce the payment of all
installments of subscriptions and other dues from
its members or stockholders by such fines and for-
feitures as may be prescribed by the by-laws.

Have certifi-
cate.

Sec. 6. And be it enacted, That whenever any
subscriber to the stock of said Company shall pay
on account of his subscription the sum of one hun-
dred dollars, he shall be entitled to receive a cer-
tificate of stock therefor, and at all meetings of
the stockholders of said Company every stock-
holder holding certificates of shares fully paid, or
who may be entitled to have a certificate or certifi-
cates of shares issued to him, shall be entitled to
one vote for every fully paid share held by him,
or to which he may be entitled, which vote may
be cast in person or by proxy.

Eligibility of
officers.

Sec. 7. And be it enacted, That no one shall be
eligible as President, Vice President or Director
of said Company who shall not be the bona fide
holder of five fully paid-up shares of stock in his
own name, or bona fide entitled thereto in his own
right, and whenever any President, Vice Presi-
dent or Director shall cease to hold or be entitled
in his own right to five fully paid-up shares of
stock, it shall be the duty of the Board of Direc-
tors to declare his office vacant and to fill the
vacancy.

Vacancies —
how filled.

Sec. 8. And be it enacted, That the Board of
Directors shall have power to fill all vacancies in
their own body, or in the office of President or
Vice President, to appoint such other officers,
agents and servants as they may deem necessary
to conduct the business of the Company, to pre-
scribe their duties, fix their compensation, take
bonds in the name of the Company from any of
said officers, agents, [servants] or servants, in such
penalty and with such security as they may see
fit, conditioned as they may direct, to secure the
faithful performance of their respective duties; to