THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835

or court, be removed upon the application of a majority

CHAP. 240

of stockholders to the Chancellor or to Baltimore coun-

ty court, sitting as a court of Equity; and that any

president or trustee be subject also to be removed, in

the case and in the manner provided for in respect to

trustees, in the fourth section of the act, supplementa-

ry to the act to which this is a supplement, passed at

December session, eighteen hundred and , thirty four,

chapter two hundred and sixty-nine; and the powers

vested in the Chancellor, by section seven, of the act

of eighteen hundred and thirty-three, chapter two hun-

dred and fifty-six, with reference to the president and

directors, shall be construed to apply with full force to

the president and trustees authorised by this act.

SEC. 2, And bt it enacted, That it shall and may be

May increase the

lawful for the president and trustees, with the consent

capital

of the stockholders holding a majority of shares, at a

general meeting of stockholders to be called for the

purpose, of which meeting at least thirty days notice

shall be given, in at least two newspapers, of the city

of Baltimore, to increase their capital to the amount of

fifty dollars per share, in such instalments, and at such

times as the said president and trustees may deem pro-

per; Provided, that such increase, if made, shall be in-

vested in the manner provided for the investment of the

trust funds of said company; and that in all cases

where money shall be loaned by the said company on

bond or mortgage, or other security in any State,

other than the State of Maryland; it shall be lawful

for the said company to receive such rate of interest

upon such loans as is permitted to be received by the

laws of such State and no more.

SEC. 3. And be it enacted, That so much of the act

Repealing: clause

of Assembly, to which this is a supplement, and the

supplement thereto as is inconsistent herewith, be and

the same is hereby repealed.

SEC. 4. And be it enacted, That on the first Mon-

Annual tax paya-

day of January next, and on the same day annually

ble to the school fund

thereafter, the American Life and trust Company, or

the president and trustees thereof, shall pay or cause to

be paid to the Treasurer of the Western Shore, the sum

of twenty cents on every hundred dollars of the pres-