ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

491

under the Public General Laws of the State of Maryland, article

twenty-three.

SEC. 2. And be it enacted, That said corporation under the

above name and style is hereby made able and capable in law to

sue and be sued, to plead and be impleaded, answer and be

Capable to

answered, defend and be defended in courts of record, and in any

sue, &c.

other place whatsoever, to make, have and use a common seal,

and the same to break, alter and renew at their pleasure and gen-

erally to do and execute all and singular such acts, matters and

things as a corporation and body politic may and can lawfully

execute.

SEC. 3. And be it enacted, That the capital stock of the mutual

loan and savings institution of Baltimore city, intended to be

created by this act, shall be twenty-five thousand dollars, in

shares of five dollars each, to be paid at the time of subscribing ;

and privilege is hereby given to said corporation to increase the

Capital

capital stock to one hundred thousand dollars by new subscrip-

stocks

tions, or by adding to the said capital semi-annually a portion of

its net profits not otherwise appropriated, whenever it shall be so

determined by the board of directors.

SEC. 4. And be it enacted, That the persons named in the first

section of this act, be and they are hereby appointed commis-

sioners to receive subscriptions to the capital stock of the said

corporation, and they, or a majority of them, may cause books to

To open

be opened at such times and places as they may direct, for the

books.

purpose of receiving such subscriptions, and may keep the same

open until the whole number of shares amounting to the said sum

of twenty-five thousand dollars shall be subscribed for; and when

the sum of six thousand dollars of stock shall have been sub-

scribed and paid therein, then it shall be lawful for said corpo-

ration to proceed in all things according to this charter.

SEC. 5. And be it enacted, That the affairs of the said corpo-

ration may be managed by seven directors, a majority of whom

shall be resident citizens of Baltimore city, and one of whom shall

be president; the directors of the said corporation shall continue

in office for the term of one year, or until their successors have

qualified; the directors thereafter shall be elected annually from

Directors.

amongst the stockholders at such time and such place and in such

manner as the by-laws of this corporation may direct; the direc-

tors for the time being, or a majority of them, shall have the

power to elect a president from among their own body to fill all

vacancies that may occur in the directors or presidency; to ap-

point all officers, agents and servants that they may deem neces-

sary to conduct or execute the business of said corporation; to

fix their compensation, and in their discretion to dismiss them ;

to take bonds for and in the name of the corporation, from any

or all of the officers, agents or servants of the corporation by them