164

LAWS OF MARYLAND

SEC. 2. And be it enacted, That the capital stock of said cor-

poration shall be one hundred thousand dollars ($100,000,)

Slock.

divided into two thousand (2,000) shares of fifty dollars ($50)

each, which capital stock may be increased by the president and

directors, to be elected as hereinafter provided for, to an amount

not exceeding one million dollars ($1,000,000).

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

as incorporators or a majority of them, may cause books to be

opened at such times and places in the city of Baltimore as they
may elect, in which said city their principal office shall be located,

and that when fifty or more shares of said stock shall have been

subscribed, said incorporators or a majority of them, shall call a

Books.

general meeting of the subscribers at such time and place as they

may appoint after having given ten days' public notice of such

meeting by three insertions m one of the daily newspapers in said

city, and at such meeting said incorporators or a majority of

them, shall lay the subscription books before the subscribers then

and there present, whereupon the subscribers or a majority of

them, who may represent a majority of the stock so subscribed,

shall elect by ballot five or more directors, but not exceeding

seven, who shall be stockholders in said corporation to manage

the affairs of said corporation, which directors or a majority of

them, shall have power to elect a president from among the direc-

Directors

tors, and in said election and all other elections by the stock-

holders of said company, each shareholder shall be allowed one

vote for one share owned by him or her, and every stockholder

may vote either in person or by proxy; and the said incorporators

or a majority of them, shall be judges of the first election of

directors, and until the first election for directors as herein pro-

vided for, and said incorporators shall be the directors of said

corporation, with full power and authority to act as such.

SEC. 4. And be it enacted, That the president and directors

elected at the first meeting of said stockholders shall serve until

the second Monday in April thereafter, or until their successors

shall be elected, and to continue the succession of said corpora-

tion, a general meeting of the stockholders shall be held annually

Elections

on the second Monday in April, at which meeting a board of

directors shall be elected in manner aforesaid, to serve for one

year or until their successors shall be elected, and other meetings

may be called of the stockholders by the president and directors

or a majority of them, according to such rules as may be adopted

by the by-laws of said corporation; and the board of directors

may meet as often as may be necessary for the transaction of the

business of the corporation.

SEC. 5. And be it enacted, That the corporation hereby formed

shall have power and it is hereby authorized to construct, lay,

operate and erect, lines of wires for illuminating purposes, also