448 LAWS OF MARYLAND. [Ch. 226]

vided in sections 260 to 265, both inclusive, and supplements-
thereto, of Article 23 of the Code of Public General Laws of
this State.

SEC. 4. And be it enacted, That the home or principal office
of said company shall be located at Oakland, in Garrett county,
Maryland, but said company may, through its board of direc-
tors, establish branch offices within or without the State of
Maryland, as the business of said company may require, and
the board of directors hereinafter provided for may hold reg-
ular or special meetings at any of its branch offices, after due
notice of such meetings as provided for in the by-laws of said
company.

SEC. 5. And be it enacted, That the incorporators or a
majority "of them, shall have power to open books for the sub-
scriptions in said stock at such time and place, and in such
manner as shall be determined and regulated by the said incor-
porators, or a majority of them, and when one hundred and
fifty (150) shares have been subscribed for, and thirty-five
(35) per centum of said subscriptions have been paid in either
in cash or its equivalent by an exchange of stock for land and
other property for the use of the corporation, or for services
rendered at its request, the stockholders shall elect a board of
directors composed of not less than five (5) nor more than
seven (7) persons, at least one of whom shall be a citizen of
and actually reside within Garrett county, Maryland, who shall
serve until the ensuing annual election, and the directors so
elected, .when said company shall have been organized, may
and they are hereby authorized and empowered to have and
exercise in the name and on behalf of said company, all the
rights and privileges which are hereby conferred on said body
corporate; and should the capital stock at any time be increased,
the stockholders at the time of such increase shall be entitled
to a pro rata share of such increase upon paying the price
therefor determined upon at such stockholders' meeting at which
said stock shall be sold.

SEC. 6. And be it enacted, That the affairs of said corpora-
tion shall be managed by a board of directors, as provided for
in section six (6) of this act to be chosen annually by the
stockholders and to serve for one year, or until their successors
are chosen; and said board of directors immediately after
their election, for the purposes of organization, shall elect a
president, a secretary and a treasurer, and if the by-laws pro-
vide, one or more vice-presidents; the president and at least
one of the vice-presidents shall be chosen from among the direc-
tors; the treasurer and secretary need not be directors of the