466

LAWS OF MARYLAND.

son Suburban Railway Company," and by that name shall

have perpetual succession, and may sue, and be sued in any

court whatever.

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

Capital

company shall be two hundred and fifty thousand dollars

stock.

divided into shares of the par value of fifty dollars each,

with the privilege to increase the same by a vote of the

stockholders, at a special meeting to be called for that pur-

pose, to five hundred thousand dollars; and the incorpora-

tors, or a majority of them, named in this act shall have the

power to open books for subscription at such times and

places as they may deem expedient, and when not less than

one hundred shares have been subscribed, and when fifty

per-centum thereof has been paid in, the stockholders may

organize the company, and may elect not less than five nor

more than nine directors to serve until the ensuing annual

election, or until their successors shall have been duly elected

and qualified ; and the directors so elected of said company

when it shall have been organized, may and they are hereby

authorized and empowered to have and to exercise, in the

name and behalf of the company, all rights and privileges

which are intended to be thereby given; and should the

capital stock be increased at any time, 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 thereof.

SEC. 3. And be it enacted, That the directors shall be elec-

ted annually by the stockholders, on the first Wednesday

Directors
to be

in April, in each year, and they shall elect from their num-

elected

ber a president ; and shall have power to elect a vice-presi-

annually

dent, a secretary and a treasurer, and to employ such other

servants and agents as the business of the company may

demand, all elections shall be by ballot, and every share of

stock shall be entitled to one vote.

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

power to declare such dividends, out of the profits of said

Powers of
to declare

company, as they may deem proper ; provided, that no divi-

dividends

dend shall be declared when the capital stock would be

impaired thereby and fares for passengers shall not exceed

five cents within the limits of the city of Baltimore.

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

Notice of

given, by publication in two daily newspapers published in

election,

the city of Baltimore, of the time and place of the annual

election, which election shall be conducted by three stock-

holders to be chosen from the body of stockholders in such

way as the majority thereof may determine, one of whom

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

inspectors.