464

LAWS OF MARYLAND.

the time of subscribing, and the remainder in such

instalments and at such time as the board of di-

rectors may determine and require, and under such

penalties as the by-laws of said body shall prescribe.

SEC. 3. And be it enacted, That the persons named

in the first section of this act be and they are hereby

appointed commissioners to receive subscriptions to

the capital stock of said body corporate, and they,

or a majority of them, may cause books to be open-

ed at such time and place as they may direct for the

Receive sub-
scriptions.

purpose of receiving such subscriptions, and may
keep the same open until the whole number of shares

mentioned shall be subscribed for; but when twenty

thousand dollars of stock shall have been subscribed,

and the first payment made thereon, then the sub-

scribers may proceed to organize, and proceed in

all things according to this charter.

SEC. 4 And be it enacted, That the affairs of said

corporation shall be managed by a board of seven

directors, four of whom shall be a quorum, who shall

be elected by the stockholders immediately after the

organization of said corporation ; and on the first

Monday of May, in each and every year thereafter,

or as soon after as practicable ; the directors elected

Howr man-

shall hold office until their successors are elected,

aged.

and they shall be authorized to elect a president and

vice-president from their number, and also a secre-

tary and treasurer, and such other officers as they

may deem necessary for the proper conduct of the

business of said corporation ; to regulate the compen-

sation of such officers, and remove them when they

deem proper.

SEC. 5. And be it enacted, That said body corpor-

ate shall be and is hereby authorized and empower-

ed to make and provide for its use, and for the use

of its members and patrons, full and perfect indexes

Provide for
indexes.

of all deeds, mortgages, conveyances, records, judg-
ments, decrees and other records within the city of

Baltimore and State of Maryland, and also to pro-

cure all plats and other matters and information re-

lating to real and leasehold property in the city of

Baltimore and said State.