426

LAWS OF MARYLAND.

proper to be done in the exercise of the power hereby granted;

provided, however, that such corporation shall at all times

comply with the laws of this State now existing or hereafter

to be passed regulating the business of insurance brokers and

agents.

Capital
Stock.

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

corporation shall be ten thousand dollars, divided into one hun-

dred shares of the par value of one hundred dollars each ; that

its affairs shall be conducted by a board of directors consisting

of not less than five nor more than twelve; and that a ma-

jority of the board shall be residents of the State of Maryland.

SEC. 4. And be it enacted, That the first meeting of the

stockholders of the said corporation for the adoption of by-

First meet-

laws, the election of directors and the transaction of other

ing of direc-
tory.

necessary and proper business, shall be held not later than

the first Tuesday of January, 1905, and on such other stated

days after the first meeting as the stockholders shall from time

to time determine ; until such meeting and election of directors

under the provisions of this Act, the following persons shall

constitute the board of directors, namely, the said George F.

Patterson, Theodore Cook, Jr., Thomas N. Walker, Jr., Harry

T. Thomas and Charles T. Leviness, Jr.

SEC. 5. And be it enacted, That until the first meeting of the

Vacancies,

stockholders, to be held as aforesaid, the board of directors

etc.

shall have power to fill all vacancies in their body ; to receive

subscriptions to the capital stock of the corporation, and to ac-

cept in payment subscriptions to its capital stock, such property

or services as it is authorized to acquire or employ, at a valua-

tion to be agreed upon by the said board of directors and the

subscriber.

Sec. 6. And be it enacted, That the said body corporate shall

Right to in-
crease or di-

have the right from time to time to increase or diminish its

minish its

capital stock in accordance with the provisions of Article 23 of

Stock.

the Code of Public General Laws, entitled "Corporations, and

any amendments thereto;" and it shall be entitled and subject

to the provisions enumerated in said Article, relating to corpor-

ations generally, which are not inconsistent with the powers

and limitations hereby specifically granted and imposed.

33C. 7. And be it enacted, That the operations of the said

Principal office.

body corporate shall be carried on in the State of Maryland and

elsewhere ; that its principal office shall be in the City of Bal-

timore ; and that it shall be authorized to commence operations

when it has paid the bonus tax, required by law, on its capital

stock.

Approved April 7, 1904.