FRANK BROWN, ESQUIRE GOVERNOR.

649

the purposes of manufacturing electricity for illuminating

purposes, power and for all other purposes to which elec-

tricity or magnetism may be applied, and for the sale,

transportation or other disposition of the same in Elkton,

Maryland.

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

corporation shall be ten thousand dollars, divided into two

hundred (200) shares of the par value of fifty ($50) dollars

Capital
stock.

each ; which capital stock may be increased by the president

and directors, to be elected as hereinafter provided for, to

an amount not exceeding twenty-five thousand dollars.

SEC. 3. And be it enacted, That the persons hereinbefore

named as incorporators, or a majority of them, may cause

books to be opened at such times aud places in the town of

Election

Elkton as they may elect in which said town their principal

of officers.

office shall be located, and that when fifty or more share of

said stock shall have been subscribed, said incorporators or

a majority of them, shall call a general meeting of the sub-

scribers at such time and place as they may appoint, after

having given ten days' public notice of such meeting by

three insertions in one of the weekly newspapers published

in said town, and at such meeting said incorporators, or a

majority of them, shall lay the subscription books before

the subscribers then and there present, whereupon the sub-

scribers or a majority of them, who may represent a majority

of the stock so subscribed, shall elect, by ballot, five or more

directors, but not exceeding seven, who shall be stockhold-

ers in said corporation, to manage the affairs of said cor-

poration, which directors, or a majority of them, shall have

the power to elect a president from among the directors, and

in said election and all other elections by the stockholders

of said company, each shareholder shall be allowed one vote

for each share owned by him or her, and every stockholder

may vote either in person or by proxy, and said incorpo-

rators or a majority of them, shall be judges of the first

election of directors, and until the first election for directors

as herein provided for, and said incorporators shall be the

directors of said corporation, with full power and authority

to act as such.

SEC. 4. And be it enacted, That the president and direc-

tors elected at the first meeting of said stockholders shall

serve until the second Monday in April thereafter, or uutil

Meeting of
directors.

their successors shall be elected, and to continue the suc-

cession of said corporation, a general meeting of the stock-

holders shall be held annually on the second Monday in

April, at which meeting a board of directors shall be elected

in manner aforesaid to serve for one year or until their suc-