554
Proviso.
Capital stock
may be in-
creased.
Issue certifi-
cate.
Shares, how
to be voted.
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LAWS OF MARYLAND.
the said principal, to the best of his knowledge and be-
lief, is the real and bona fide owner of said stock, hav-
ing acquired the same, as the case may be) be, by in-
heritance, bequest, marriage, distribution or gift;
provided, however, that this provision shall only apply
to such shares of stock in the corporation aforesaid,
as shall appear to have been transferred upon the
books of the corporation within one year next pre-
ceding the meeting at which it is offered to vote
upon them.
SEC. 5. And be it enacted, That the capital stock of
tills company may be) increased to one million dol-
lars, divided into one hundred thousand shares, of
the par value of ten dollars each, which may lie pay-
able in such enstalments and at such times as the
Board of Directors may determine, and whenever
the said instalments so to be paid shall amount to
the par value of the share or shares of stock so to be
paid for, there shall be issued to such member a cer-
tificate, which shall be transferable on the books of
the corporation, on such conditions as the by-laws may
prescribe; the by-laws may fix the entrance, and other
fees, and the bonus to be paid by each member or
stockholder at the time of subscribing, and may limit
the number of shares that a member may hold at
any one time; and the corporation shall have power
to enforce the payment of all instalments and other
dues, from its members by such fines and forfeitures
as the directors may, from time to time, provide in
the by-laws; and every member, in person or by
proxy, shall have one vote for every share of stock
held, or to which said members may be entitled, on
the books of the said corporation, at any meeting of
the stockholders for any purpose whatever. No per-
son shall be eligible as President, Vice-President, or
Director, unless he is a bona fide holder, or entitled to
hold at least fifty shares of the stock of said corpo-
ration in his own name, which, upon Ills ceasing to
hold in his own name, shall be taken and accepted
as his resignation of the office held by him, and the
directors may proceed, at any time, to fill the vacancy
thereby created.
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