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616
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LAWS OF MARYLAND.
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next ensuing annual election, or until their successors have been
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duly elected and qualified; and the directors so elected by this
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company, when it shall have been fully organized, aud when at
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least fifty thousand dollars shall have been paid in on the capital
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stock, may, and they are hereby authorized and empowered to
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have and to exercise in the name and in behalf of this company,
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all rights and privileges which are intended to be hereby given,
and all rights and privileges given by its original certificate of
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incorporation, except that in so far as the rights and privileges
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given by said original certificate are inconsistent with the pro-
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visions of this act they are hereby annulled, and the provisions
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of this act substituted therefor; and should the capital stock of
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this company be at any time increased, the stockholders at the
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time of such increase, shall be entitled to a pro rata share of such
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increase, upon the payment of the par value of the same.
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SEC. 3. And be it enacted, That the principal office of this
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Office.
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company shall be at Towson, in Baltimore county, and that all
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its directors shall be citizens of the United States, and at least
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two-thirds of them shall be citizens of the State of Maryland and
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reside therein; and five of them shall constitute a quorum for
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the transaction of business.
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SEC. 4. And be it enacted, That the directors shall be elected
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annually by the stockholders on the second Tuesday of January,
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and they shall elect from their number at the first meeting of
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the board after election, as prescribed by the second section of
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this act, and at all subsequent elections, a president and vice-
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Officers
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president, and shall have power to elect a treasurer and a secre-
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tary, or, in their discretion, to elect the same person to serve both
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as treasurer and secretary, and to appoint and employ such other
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officers, clerks and agents as the business of this company may
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from time to time require; all elections of directors shall be by
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ballot, and at such elections and at all meetings of stockholders
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every stockholder shall be entitled to one vote, which may be cast
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either in person or by proxy, for every share of stock held by
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him or her; but no person shall be eligible as a director who is
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not a stockholder to the amount of thirty shares of stock.
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SEC. 5. And be it enacted, That three weeks notice shall be
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given by publication in at least one weekly newspaper published
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in Baltimore county, and also ten days notice in at least one daily
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newspaper published in Baltimore city, of the time and place of
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said annual election, which election shall be conducted by three
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Notice.
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stockholders to be chosen from the body of stockholders, one of
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whom shall be designated to act as judge and the other two as
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inspectors; and no proposition to increase the capital stock of
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this company shall be voted upon at any annual or special meet-
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ing of the stockholders unless like notice has been given that the
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subject matter of such increase will be brought before said meet-
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