|
|
|
|
|
|
|
|
|
|
|
|
|
112 JOURNAL OF PROCEEDINGS [Jan. 26,
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 Na-
tional Trust and Guarantee Company," be and the-
same are hereby repealed and re-enacted so as to read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 al one
hundred dollars each, being one million of dollars,
with the 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 cor-
porators, or a majority of them named in this Act,
shall have power to open books for subscription at
such times and places as they may deem expedient;
and when not less than three thousand shares have
been subscribed and when twenty-five per centum
thereon has been paid in, the stockholders may elect
twenty-three directors to serve until the ensuing an-
nual 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 in
behalf of company, all rights and privileges which
are intended to be hereby given ; and should the capi-
tal stock be at any time increased, the stockholders,
at the time of such increase, shall be entitled to 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 the second section of this
Act, and after all subsequent elections, a president
and not more than three vice-presidents, and shall
also have power to elect a secretary and treasurer,
and to appoint and employ such other officers, clerks
and agents as the business of said company from time
to time requires; all elections shall be by ballot, and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
