633

LAWS OF MAEYLAND.

elect from their number a president and one or more vice-presi-

dents, and shall also have power to elect a secretary and treasurer

and to appoint and employ such other officers, clerks and agents

as the business of said company may from time to time require.

SEC. 4. And be it enacted, That the capital stock of said corpo-

ration shall consist of five thousand shaves, of one hundred dol-

lars each, being five hundred thousand dollars, with the privilege

Capital
slock.

of increasing the same by a two-thirds vote of the stockholders,

at a special meeting to be called for that purpose, to three mil-

lions of dollars; and it shall be lawful for said corporation to in-

crease said capital stock to the amount of three millions of dol-

lars aforesaid, at any one time, or said capital stock may be in-

creased from time to time by vote of the stockholders as herein-

before provided, not exceeding, however, in the aggregate the said

sum of three millions of dollars; should the capital stock be at

any time increased as hereinbefore provided, the stockholders at

the time of such increase shall be entitled to a pro rata share of

such increase, upon payments of the par value of the same.

SEC. 5. And be it further enacted, That the said directors, or

a majority of them, shall have power to open books for subscrip-

tions to said stock at such times and places as they may deem ex-

Open

pedient, and when not less than two thousand shares shall have

books.

been subscribed, and when fifty per centum has been paid in, the

said directors may, and they are hereby authorized and empowered

to have and exercise in the name and on behalf of the said cor-

poration, all rights and privileges which are intended to be here-

by given.

SEC. 6. And be it further enacted, That the directors shall be

elected annually by the stockholders, on the second Monday of

April, and they shall elect from their number, at the first meeting
of the board after their election, and after all subsequent elections,

a president and one or more vice-presidents, and shall also have

Officers
and agents

power to elect a secretary and treasurer, and to appoint and em-

ploy such other officers and agents as the business of said corpor-

ation from time to time requires; all elections shall be by ballot,

and at such elections and at all meetings of stockholders, every

stockholder shall be entitled to one vote for every share of stock

held by him, but no person shall be eligible as director who is not

a stockholder to the amount of five shares of stock.

SEC. 7. And be it further enacted, That ten days' notice shall

be given by publication in two daily newspapers published in the

Notice

city of Baltimore, of the time and place of said annual election,

which annual election shall be conducted by the stockholders to

be selected by the body of stockholders, one of whom shall be

designated to act as judge and the other two as inspectors.

Dividends

SEC. 8. And be it further enacted, That the directors shall have

power to declare such dividends of profits of the said corporation