ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

637

CHAPTER 540.

AN ACT to extend the privileges and enlarge the powers of the

guarantee trust and loan company of Talbot county, a corpora-

tion duly incorporated under the general laws of this State.

WHEREAS, the guarantee trust and loan company of Talbot

county, was duly incorporated on the eighteenth day of February,

in the year eighteen hundred and ninety, under the provisions of

the general laws of this State relating to the creation and regu-

lation of incorporated companies in the State of Maryland, with

Preamble.

a capital of two hundred thousand dollars divided into two thou-

sand shares of the par value of one hundred dollars each, for the

purpose of conducting the business of a trust and loan company

in Talbot county, and for the purpose of extending the privileges

and enlarging the powers of said company; therefore,

SECTION 1. Be it enacted by the General Assembly of Maryland,

That the guarantee trust and loan company of Talbot county, in

addition to the powers possessed by it under its certificate of in-

corporation, shall have and possess the further powers, rights,

Do amend.

privileges and franchises particularly mentioned in this act, and

that its charter as set out in said certificate shall be altered and

amended so as to conform to the terms and provisions of this

act.

SEC. 2. And be it further enacted, That said corporation shall

have perpetual succession, and may adopt a corporate seal, and

Perpetual.

may sue and be sued

SEC. 3. And be it enacted, That the capital stock of said com-

pany shall consist of two thousand shares at one hundred dollars

each, being two hundred thousand dollars, as set forth in said cer-

tificate of incorporation, and said company shall have power to

Capital

open books for subscription at such times and places as it may

stock

deem expedient, and when twenty-five per centum of its capital

has been paid in, the stockholders may elect ten directors to serve

until the ensuing annual election or until their successors shall

have been duly elected and qualified.

SEC. 4. And be it enacted, That the directors shall be elected

annually by the stockholders on the first Monday of April, and

they shall elect from their number, at the first meeting of the

board after their election, a president and vice-president, and shall

Officers.

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 from time to time requires; all elections shall be

by ballot, and at such elections and at all meetings of stock-

holders, every stockholder shall be entitled to one vote for every

share of stock held by him, but no person shall be eligible as di-