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Session Laws, 1890
Volume 396, Page 642   View pdf image (33K)
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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-



 
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Session Laws, 1890
Volume 396, Page 642   View pdf image (33K)
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