610 LAWS OF MARYLAND. [Ch. 435]

promissory notes secured by lands or the use thereof, or other-
wise payable at specified dates, which notes shall not run for
longer period than five years, and with full power and author-
ity to authorize the cancellation of all payments due said cor-
poration after the death of the purchaser, provided said pur-
chaser dies after having paid at least twenty-five per cent, of
the purchase price of his, her or their said lot or lots or the
use thereof, and on the further condition that said purchaser
is not in arrears at the date of his death.

SEC. 11. Be it enacted, That the number of trustees of said
corporation shall not be less than three in number, nor more
than fifteen, one of whom shall be a resident of the State of
Maryland; and said trustees shall be classified with respect to
the time for which they shall severally hold office by dividing
them into three classes, each consisting of one-third of the
whole number of the board of trustees. The trustees of the
first class shall be elected for the term of one year; the trustees
of the second class for a term of two years; the trustees of the
third class for a term of three years; and at each annual elec-
tion the successors of the class of trustees whose term shall
expire in that year shall be elected to hold office for the term
of three years, so that the term of office of one class of trustees
shall expire each year.

SEC. 12. Be it enacted, That the trustees of said corpora-
tion shall have full power and authority to appoint an executive
committee of two stockholders of said corporation who shall
also be directors for a term of three years, which committee
shall have and exercise all the powers of the board of trustees
including the power to sign or authorize the signature of said
corporation, signed by its proper officers, and to cause the seal
of said corporation to be affixed to all contracts, papers and
documents which may require the same. The meetings of said
committee may be held either within or without the State of
Maryland.

SEC. 13. Be it enacted, That the trustees shall have full
power and authority to hold their regular or special meetings
either within or without the State of Maryland, and to have
guch powers as shall be granted them by the by-laws.

SEC. 14. Be it enacted, That the owner or owners of each
share of the capital stock of this corporation shall be the sole
and only person entitled to vote at regular or special meetings
of this corporation, which persons shall be entitled to one vote
for each share or shares of stock standing in his or her name
ten days before the annual meeting of the stockholders of this
corporation.