1056

LAWS OF MARYLAND.

SEC. 3. And be it enacted, That the capital stock of said com-

pany shall consist of four hundred shares, at fifty dollars each,

Privilege

being twenty thousand dollars, with privilege to increase the

granted to in-

same from time to time up to the sum of two hundred and fifty

crease capital
stock.

thousand dollars, by a three-fourth vote of the stockholders,

at a special meeting to be called for that purpose ; and the in-

corporators or a majority of them named in this" Act shall have

the power to open books for subscriptions at such times and

places as they may deem expedient, and when said four hun-

dred shares have been subscribed, and when forty per cent.

thereon has been paid in, the stockholders may elect not less

than seven directors, nor more than twelve, as the stockholders

may determine, to serve until the annual election, which shall

be on the first Monday in May next succeeding such election,

and the directors so elected of said company when it shall

have been organized, may, and they are hereby authorized

and empowered to have and to exercise in the name and in

behalf of the company all rights and privileges which are in-

tended to be hereby given; and should the capital stock be at

any time increased the stockholders at the time of such in-

crease shall be entitled to a pro rata share of such increase

upon the payment of the par value of the same, or of such price

Proviso.

as the board of directors may fix by resolution; provided that

said price shall not be fixed at less than the par value of said

stock.

SEC. 4. And be it enacted, That the directors shall thereafter

Election of

be elected annually by the stockholders on the first Monday in

directors.

May, and they shall elect from their number, at the first meeting

of the board after their election, as prescribed by the third

section of this Act, and after all subsequent elections, presi-

dent, vice-president, second vice-president and treasurer, and

shall also have power to elect a secretary and to appoint and

employ such other officers, clerks and agents as the business

of said company from time to time requires. All elections

shall be by ballot, and at such elections and all meetings of

stockholders every stockholder shall be entitled to one vote

for every share of stock held by him, but no person shall be

eligible as director who is not a stockholder to the amount at

least of ten shares of stock.

SEC. 5. And be it enacted, That ten days' notice shall be

Notice of

given of the time and place of holding said annual election

holding elec-
tion.

by publication in some newspaper in Caroline County, which

election shall be conducted by the stockholders, previously

named by the board of directors, one of whom shall be