EDWIN WARFIELD, ESQ., GOVERNOR.

225

ness, and the incorporators shall give five days' notice to all

stockholders of the first meeting of the stockholders.

SEC. 4. And be it enacted. That the officers and managers

of said corporation shall be a board of general directors, a

Officers and

president, who shall be one of the general directors ; a vice-

managers.

president, a secretary, a treasurer, a business manager, a gen-

eral inspector, local boards, local agents and local inspectors,

and such other officers, agents and employees as the by-laws

of said corporation may, from time to time, prescribe; and the

powers, duties, term of office, method, time of election, ap-

pointment and method of removal of all said officers, managers

and employees shall be such as the by-laws, rules and regula-

tions of said corporation may, from time to time, prescribe.

SEC. 5. And be it enacted, That the stockholders at their

first meeting shall adopt by-laws, rules and regulations for the

By-laws, rules

management of said corporation and shall prescribe a method

and regula-
tions to be

by which said by-laws, rules and regulations may be amended,

adopted.

and the number of general directors shall be fixed by the by-

laws, and the stockholders may, if they so determine, give to

each member one vote in the management of this corporation,

irrespective of the number of shares such member may hold.

SEC. 6. And be it enacted. That the principal office of the

Location of

said corporation shall be at Pocomoke City, Maryland, but it

principal

may be changed by the by-laws to such place on the Eastern

office.

Shore of Maryland as the by-laws shall prescribe.

SEC. 7. And be it enacted, That the real estate which it

shall be lawful for the said corporation to hold shall be only

Holding of
real estate

such as may be requisite for its immediate accommodation, in

limited.

relation to the convenient transaction of its business or such

as shall have been bona fide mortgaged or conveyed to it by

way of security, or in satisfaction for debt contracted in the

course of its dealings, or purchased al sales upon judgments or

decrees which shall have been obtained for such debts, or fore-

closure of mortgages or mortgagee's sale in case when mort-

gages conferring power on the mortgagee to sell real estate

mentioned herein have been executed or assigned to such

corporation to secure a debt.

SEC. 8. And be it enacted, That said corporation shall have

and enjoy, besides those powers and privileges in this Act

Powers and
privileges.

particularly enumerated, all those powers, provisions and priv-

ileges conferred at this time or hereafter to be conferred by

the Code of Public General Laws of Maryland upon corpora-

tions duty incorporated under the same, and shall be subject