120

LAWS OF MARYLAND.

any court whatever, and to make, and use a common seal

and to alter the same at pleasure, and generally to do every

thing proper to carry into effect the provisions of this act or

to promote the objects and designs of the company hereby

incorporated.

SEC. 2. And be it enacted, That the capital stock of said

corporation shall consist of one hundred and twenty-five

thousand dollars divided into twelve hundred and fifty

Capital

shares of the par value of one hundred dollars each, but the

Stock.

said corporation may at any time and from time to time at a

general meeting, specially called for that purpose, increase

its capital stock to any amount that may be deemed proper,

not to exceed in all two hundred and fitty thousand dollars,

by vote of two-thirds of all the shares of stock of the cor-

poration theretofore subscribed for and issued; and subscrip-

tions to its capital stock may be made in property, at a

valuation to be agreed upon between the corporation and the

subscriber where the property subscribed shall be such as it

is proper that the corporation may own for the advancement

of the purposes for which it is hereby incorporated.

SEC. 3. And be it enacted, That the corporations named in

the first section of this act, or a majority of them, shall have

power to open, at such time and place as they may select,

Books of

books of subscription to the capital stock of said corporation

subscrip-
tion

and when not less than one thousand shares of said stock

have been subscribed for, and at least ten per centum of the

par value of the stock so subscribed for has been paid in,

the stockholders may organize the company and may elect

eight directors to serve until the next annual meeting of the

corporation which shall be held on the fourth Monday of

January eighteen hundred and ninety-three, and the annual

meeting of the company shall be held in each year on the

fourth Monday of January, but if it shall happen at any

time, that an election of directors shall not then be made,

the company shall not then be dissolved, but the election

may be held on any other day and in such manner as may

be provided by the by-laws.

SEC. 4. And be it enacted, That when the company shall

have been organized the board of directors thereof shall

Board of
Directors.

manage the business, property and affairs of the corporation

and shall, have and exercise in its name and on its behalf all

of the rights, privileges and corporate powers hereby con-

ferred upon the said conpany and may adopt and establish

such by-laws, and rules not contrary to law, as may appear

to them necessary for the regulation of the concerns of said

body corporate, and they may change and amend the same,

and may declare dividends and elect and appoint a presi-