382
Rights and
powers.
Capital stock
Shares, how
to be paid.
Board of
Directors.
Shares, how
to be voted.
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LAWS OF MARYLAND.
tion; to receive deposits of money, and allow such
interest thereon as may be agreed upon, and gener-
ally to do all things relative to the objects of the cor-
poration, which now is or may be lawful for any indi-
vidual or body politic or corporate to do, but noth-
ing herein contained shall authorize the issue of any
note or other evidence of debt to be used as currency.
SEC. 2. And he it enacted. That the capital stock
shall not exceed three thousand shares of the par
value of three hundred dollars each, the number
of unredeemed shares outstanding at any time to be
regulated by the Board of Directors. Each share
sold shall pay such entrance fee as the by-laws may
prescribe, and a weekly instalment of one dollar, and
said instalment shall continue to be paid until the
holder thereof shall have.' paid its par value, or until
the instalments and the accretions arising therefrom
shall equal the par value, when the payment shall
cease, and the holder of unredeemed shares shall re-
ceive a certificate therefor, and the same shall be
transferable on the books of the corporation upon
a surrender of the certificate endorsed by the owner.
SEC. 3. And he it enacted. That the corporation
named in the first section hereof, shall constitute the
Board of Directors until the first Thursday in March
next succeeding the organization; and on the first
Thursday in March of every year thereafter, the
stockholders composing this corporation, or their
representatives by proxy, shall elect, by ballot, from
among their number, fourteen directors, to serve for
one year, and until their successors are elected.
Each" stockholder shall be entitled to one vote for
each share of stock not exceeding ten shares, and one
additional vote for every five shares over ten. The
Board of Directors, at their first meeting after elec-
tion, or as soon thereafter as convenient, shall choose
from their own number a President and Vice-Presi-
dent, shall elect a Treasurer and Secretary from their
own number, or from the general stockholders;
should a vacancy occur in the board, or among its
officers, the same shall be filled by the Board of Di-
rectors for the remainder of the year.
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