616

LAWS OF MARYLAND.

next ensuing annual election, or until their successors have been

duly elected and qualified; and the directors so elected by this

company, when it shall have been fully organized, aud when at

least fifty thousand dollars shall have been paid in on the capital

stock, may, and they are hereby authorized and empowered to

have and to exercise in the name and in behalf of this company,

all rights and privileges which are intended to be hereby given,
and all rights and privileges given by its original certificate of

incorporation, except that in so far as the rights and privileges

given by said original certificate are inconsistent with the pro-

visions of this act they are hereby annulled, and the provisions

of this act substituted therefor; and should the capital stock of

this company be at any time increased, the stockholders at the

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

increase, upon the payment of the par value of the same.

SEC. 3. And be it enacted, That the principal office of this

Office.

company shall be at Towson, in Baltimore county, and that all

its directors shall be citizens of the United States, and at least

two-thirds of them shall be citizens of the State of Maryland and

reside therein; and five of them shall constitute a quorum for

the transaction of business.

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

annually by the stockholders on the second Tuesday of January,

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

the board after election, as prescribed by the second section of

this act, and at all subsequent elections, a president and vice-

Officers

president, and shall have power to elect a treasurer and a secre-

tary, or, in their discretion, to elect the same person to serve both

as treasurer and secretary, and to appoint and employ such other

officers, clerks and agents as the business of this company may

from time to time require; all elections of directors shall be by

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

every stockholder shall be entitled to one vote, which may be cast

either in person or by proxy, for every share of stock held by

him or her; but no person shall be eligible as a director who is

not a stockholder to the amount of thirty shares of stock.

SEC. 5. And be it enacted, That three weeks notice shall be

given by publication in at least one weekly newspaper published

in Baltimore county, and also ten days notice in at least one daily

newspaper published in Baltimore city, of the time and place of

said annual election, which election shall be conducted by three

Notice.

stockholders to be chosen from the body of stockholders, one of

whom shall be designated to act as judge and the other two as

inspectors; and no proposition to increase the capital stock of

this company shall be voted upon at any annual or special meet-

ing of the stockholders unless like notice has been given that the

subject matter of such increase will be brought before said meet-