FRANK BROWN, ESQUIRE, GOVERNOR.

607

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

Capital
stock.

corporation shall be $50,000.00 divided into 500 shares of

$100.00 each.

SEC. 3. And be it enacted, That Frank C. Todd, Harry

S. Todd, Wm. B. Tilghman, Wm. E. Shepard and Lemuel

Managers.

M. Price, shall be managers and directors of said copora-

tion until the first Monday in January 1893 and shall serve

as such until their successors are elected and to continue

the successors of said corporation, a general meeting of the

stockholders shall be held annually on the first Monday in

January, at which meeting a board of directors shall be

elected to serve for one year, or until their successors shall

be elected ; and other meeting may be called of the stock-

holders by the president and directors or a majority of

them according to such rules as may be adopted by the

by-laws of said corporation, and the board of directors

may meet as often as may be necessary for the transaction

of the business of the corporation.

SEC. 4. And be it enacted, That the directors of said cor-

poration shall have full power to adopt such by-laws, rules

Powers of
directors

and regulations, for the election of a president, who shall

be one of the board of directors, and for the direction and

management of said corporation as may in their judgment

be necessary for the purpose of their incorporation, not

inconsistent with the provisions of this charter, and the

laws and constitution of this State, and the president and

directors of said corporation or a majority of them, shall

constitute, appoint and employ such officers, agents and

servants for the transaction of the business of said corpo-

ration, with full power to fix their compensation and to

remove them at will.

SEC. 5. And be it enacted, That the directors herein cre-

ated to serve until the first Monday in January next shall

Sub-

have power to open books for subscription to the capital

scriptions.

stock of said corporation and when ten per cent, of the cap-

ital stock of said corporation has been subscribed may

organize and shall have power to regulate the payment of

subscription to the capital stock.

SEC. 6. And be it enacted, That said corporation shall

have power to consolidate with the F. C. & H. S. Todd Co.,

Consol-
idate.

a corporative store corporation under the general incor-

poration laws of Maryland, on such terms as may be agreed

upon.

SEC. 7. And be it enacted, That this act shall take effect

Effective.

from the date of its passage.

Approved April 7th, 1892.