396

LAWS OF MARYLAND.

shall be determined and ordered by the board of

directors.

Shall not

SEC. 3. And be it enacted, That this corporation

commence

shall not commence the business for which it is in-

business.

corporated until ten per cent, of its capital stock

shall have been paid in, in cash.

SEC. 4. And be it enacted, That the stock, property,

concerns and business of said corporation shall be

Board of Di-

rectors.

managed and conducted by a board of directors, to

consist of not less than three nor more than nine

persons ; the directors shall be elected by the stock-

holders from among their number, and whenever a

director ceases to be a stockholder his office shall be

vacated. The directors shall appoint one of their

President.

number as president, who shall be elected annually,

First election

at such time as the said corporation by its by-laws
may direct, and that the first election shall be held

at the time of the acceptance of this act of incorpo-

ration, or as soon thereafter as may be convenient ;

Vacancies in

and in case of the death, resignation, or disqualifica-

board.

tion of a director, the place of said director may be

filled by a vote of a majority of the remaining di-

rectors, and in all cases the directors shall act until

their successors are chosen. In the election of di-

Every stock-

rectors every stockholder shall be entitled to give in

hold'r entitl'd

person or by proxy one vote for each share of the

capital stock standing to his or her name on the

books of the corporation.

SEC. 5. And be it enacted, That the directors shall,

Declare divi-

from time to time, declare and pay to the stockhold-

dends.

ers within thirty days after declaring the same, divi-

dends of so much of the profits realized by this

corporation as they shall deem expedient, after

Reserving

reserving such sum as they shall decide to be rea-

such sum.

sonable to meet the expenses of repairs, building, or

purchase of real estate and articles for the use of

said corporation and the prosecution of its business;

and that the vote declaring such dividends be taken

by yeas and nays, and recorded upon the minutes,

and that no dividend shall be declared except out of

the net profits of the business of the company, and

the director or directors present and voting for the

Directors
liable.

declaring of any dividend made contrary to this