FRANK BROWN, ESQUIRE, GOVERNOR.

55

CHAPTER 40.

AN ACT to repeal section two, section three and thirteen of

Chapter four hundred and ninety five of the Acts of the

General Assembly of Maryland, passed at its January

session eighteen hundred and eighty two, entitled "An

Act to incorporate the National Trust and Guarantee

Company, " and to re-enact the same with amendments.

SECTION 1. Be it enacted by the General Assembly of

Maryland, That section two, section three and section

thirteen of Chapter four hundred and ninety five of the

Acts of the General Assembly of Maryland, passed at its

January session eighteen hundred and eighty two, entitled

"an act to incorporate the National Trust and Guarantee

Company, " be and the same are hereby repealed an re-

enacted so as to read as follows:

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

Company shall consist of ten thousand shares, at one

Capital

hundred dollars each being one million of dollars with the

Stock.

privilege to increase the same by a vote of the stockholders

at a special meeting to be called for that purpose, to two

millions of dollars ; and the corporators or a majority of

them named in this act shall have power to opeu books for

subscription at such times and places as they may deem ex-

pedient ; and when not less than three thousand shares

have been subscribed and when twenty five per centum

thereon lias been paid in, the stockholders may elect twenty-

three directors to serve until the ensuing annual election,

or until their successors shall have beeu duly elected and

Directors.

qualified, and the directors so elected, of said company,

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

authorized and empowered to have and to exercise in the

name and in behalf of company ; all rights and privileges

which are intended to be hereby given: and should the

capital stock 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.

3. And be it enacted, That the directors shall be elected

annually by the stockholders on the second Monday of

January ; and they shall elect from their number at the first

meeting of the board after their election, as prescribed by

Election

the second section of this act, and after all subsequent elec-

of
Directors

tions, a president and not more than three vice presidents ;

and shall also have power to elect a¹ secretary and treasurer,