642

LAWS OF MARYLAND.

to serve until the ensuing annual election, or until their succes-

sors 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

Directors

board after their election a president and vice-president, 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 from time to time may require; all elections

shall be by ballot, and at such elections and at all meetings of

stockholders, each stockholder shall be entitled to one vote for

every share of stock held by such stockholder, but no person shall

be eligible as director who is not a stockholder to the amount of

at least five shares of stock.

SEC. 5. And be it enacted, That ten days notice shall be given

Notice.

by publication in one newspaper published in Carroll county, of

the time and place of said annual election, which election shall

be conducted by three stockholders elected from the body of

stockholders, one of whom shall be selected to act as judge and

the other two as inspectors.

Dividend

SEC 6. And be it enacted. That the directors shall have power

to declare such dividends of profits of the said company as they

may deem proper; provided, that no dividend shall be declared

when the capital stock would be impaired thereby.

SEC. 7. And be it enacted, That the capital stock of said com-

pany shall be invested in bonds and mortgages upon fee-simple

Invest-
ment

property or leasehold estates, or in securities or bonds of the

United States, or stocks, securities or bonds of States or incor-

porated cities, or in notes of individuals, or in such real estate as

may be required for the use of the company in the erection of a

suitable building in which to carry on its business in the discre-

tion of the company.

SEC. 8. And be it enacted, That said company shall have power

to receive money in trust and on deposit, and to accumulate the

same at such legal rate of interest as may be obtained or agreed

on, or to allow interest not exceeding the legal rate; to accept

Powers

and execute trusts of every description as a natural person could,

which may be committed to said company by any person or per-

sons whatsoever, or by any corporation or by order or decree of

any court of record upon such terms as may be agreed on, to act

as agent for the purpose of issuing, registering or countersigning
certificates of stock, bonds or other evidences of debt of any State,

corporation, association, municipality or public authority, on such

terms as may be agreed on, to accept from and execute trusts fcr

married women as to their separate property or estate whether real,

personal or mixed, and to act as agents for them in the manage-