224

LAWS OF MARYLAND.

all residents of Worcester County, Maryland, and Frank E.

Peninsula Pro
duce Ex-

" Matthews, a resident of Somerset County, Maryland, and

change.

Harvey B. Morris, a resident of Wicomico County, Maryland,

and their successors, associates and assigns, be and they are

hereby constituted a body corporate by the name of the Penin-

sula Produce Exchange of Maryland, and by that name shall

be known in law and shall have perpetual succession and the

power to sue and be sued, complain and defend in any court

of law or equity, to make and use a common seal and to alter

the same at pleasure, and shall exercise and enjoy all the rights,

powers and privileges pertaining to corporate bodies and

A corporate
body.

necessary for the purposes hereinafter set forth, and said cor-

poration may make a constitution, by-laws, rules and regula-

tions consistent with the existing laws of the State for the

government of all under its authority, for the management

of its estate and property, for the due and orderly conduct of

its business and affairs and for the collection, investment and

disbursement of all funds under its control.

SEC. 2. And be it enacted, That the said corporation shall

To buy and
sell farm pro-

have power, and it is hereby authorized, to engage in the busi-

ducts.

ness of buying and selling any and all farm products, com-

monly known as produce, of selling produce as the agent of the

producer, of consigning produce as the agent of the pro-

ducer to any point within or without the State, of inspecting

and grading produce for the producer upon such terms as

may be established and marking the same with its brand or

trade-mark, of owning and operating storage warehouses and

packing houses for produce, and generally of doing all other

lawful things customary or necessary for carrying on a gen-

eral trade, both on its own account and as agent in all varie-

Inspecting and

ties of farm products, both products of the land and others,

Grading pro-
uce.

commonly known as produce, and in inspecting and grading the

same.

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

Its stock capi-
talized.

corporation shall be five thousand dollars, divided into one

thousand shares of the par value of five dollars each, and

said capital stock may be increased or decreased from time to

time by majority vote of the stockholders at any regular of

special meeting, provided the amount shall not exceed one

hundred thousand dollars, and the incorporators herein named,

or the majority of them, shall have power to open books for

subscription to the capital stock, and when not less than one-

half of the minimum amount of capital stock shall have been

subscribed for and paid in, said corporation may begin busi-