E. LOUIS LOWE, ESQUIRE, GOVERNOR.
577
dwellings and improvements thereon, and sell or lease
the same.
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SEC. 4. And be it enacted,
That as soon as sixty
thousand dollars of the capital stock shall have been
subscribed, the commissioners named in the first section
of this act or a majority of them, shall by notice published
twice a week for two weeks in at least one of
the daily papers of Baltimore, call a meeting of the
stockholders at some certain time and place in the city of
Baltimore, for the purpose of electing a president and
four directors of said company, at which election each
share of stock shall be entitled to one vote, and the parties
receiving a majority of votes case shall be the officers
of said company until another election shall be
held under the by-laws to be afterwards adopted; and
the said subscribers to the capital stock aforesaid, their
successors and assigns, shall be, and are hereby created
a corporation and body politic, by the name and style
of " the Monumental Place Real Estate company,"
and by that name may have perpetual succession, and
shall be able and capable in law to sue and be sued,
plead and be impleaded, answer and be answered, in
any court of law or equity, and to make and use a
common seal, and to ordain and establish such by-laws
and regulations as shall be necessary or convenient for
conducting the affairs of the corporation, not repugnant
to law or to the provisions of this charter; such by-laws
and regulations to be adopted by the president
and directors first elected, but subject to repeal or modification
by a majority, in value, of the stockholders in
general meeting assembled; Provided, that this act
shall cease and be void, unless the stock necessary to
organise said company shall be subscribed within five
years from the date of its passage; And provided further,
that all the real estate which may be acquired by
the said company under this act shall be sold or leased
by it to individuals within twenty years from the time
of the first election of president and directors.
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Meeting of
stockholders.
Provisoes.
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SEC. 5. And be it enacted,
That the stock of said
corporation shall not be taxed, but all property owned
by it shall be chargeable with State and county taxes,
in the same manner as if owned by individuals.
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Stock not to
be taxed.
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SEC. 6. And be it enacted,
That the said corporation
shall not issue any note, scrip, of bill of credit to
circulate as currency; and this act may be altered from
time to time or repealed.
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Banking forbid.
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