378

LAWS OF MARYLAND.

Proviso

writing concerning the same; provided, however,

that the said real estate, so to be held by them, shall

be only that occupied as their office and place of

business, and such as may come into their possession

in satisfaction of any debt due to them upon mort-

gage, decree or judgment.

SEC. 10. And be it further enacted, That the direc-

tors shall be elected annually, by the stockholders,

Directors to be
elected

on the second Monday of January, and they shall

elect from their number at the first meeting of the

Board after their election, as prescribed by the fourth

section of this act, and after all subsequent elections,

a President and Vice President; and shall also have

power to elect a Secretary and Treasurer, and to

Officers.

appoint and employ such other officers, clerks and

agents as the business of said company may from

time to time require. All elections shall be by bal-

lot, and at such elections and at 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 of one hundred shares of

stock.

SEC. 11. And be it enacted, That ten days' notice

Notice of

shall be given by publication in two daily newspapers

elections

published in the City of Baltimore, of the time and

place of the said annual elections, which elections

shall be conducted by three stockholders, one of

whom shall act as judge, and the other two as in-

spectors.

SEC. 12. And be it enacted, That the directors shall

Declare divi-
dends.

have power to declare such dividends of profits of

the company as they may deem proper; provided

that no dividend shall be declared when the capital

stock would be impaired thereby.

SEC. 13. And be it enacted, That the Board of Direc-

Make rules and

tors shall make all by-laws, rules and regulations

regulations.

necessary for conducting the business of the com-

pany, copies of which shall be at all times accessible

to all persons transacting business with said com-

pany. The directors shall have power to require

payments of the amounts remaining unpaid on the

stock of the company, at such times and in such pro-