WM. T. HAMILTON, ESQUIRE, GOVERNOR.

383

cessors are elected and qualified; the first election

of directors shall take place as soon as all the

First election.

capital stock has been subscribed for and twenty

thousand dollars thereof paid in. The directors

shall elect a president annually from their own

number, and elect such other officers and make

such by-laws, rules and regulations as may be nec-

essary for the prosecution of the business of the

association; they shall call for the capital to be

paid in as they shall think proper.

SEC. 6. And be it enacted, That the board of

directors shall have power to increase the capital

stock of said association to the amount of fifty

Increase cap-

thousand dollars, or any part thereof, in shares of

ital.

one hundred dollars each, and receive subscriptions

therefor at any time; and such additional stock

shall be subject to all the liabilities, rights, immu-

nities and privileges of the original stock.

SEC. 7. And be it enacted, That the stockholders

of said association shall be liable to the amount

of their respective share or shares of stock in

Liabilities of

said association for all its indebtedness and lia-

stockholders.

bilities; the books, papers and accounts of said

association shall be open to inspection, under such

regulations as may be prescribed.

SEC. 8. And be it enacted, That subscriptions to

the capital stock of said corporation may be made

in land, at a valuation agreed upon between the

corporation and the subscriber; provided that

Subscriptions

such subscriptions are recommended by the stock-

to capital

holders; and whenever land is received as afore-

said in payment for stock, the books of the

association shall be so kept as to show at all times,

fully, what property was received for the said

stock, at what value, and the number of shares

of the capital stock issued for the same.

SEC. 9. And be it enacted, That the principal

Location of

office of said association shall be located in the

office.

town of Oakland, in Garrett county.

SEC. 10. And be it enacted, That this act shall

Effective.

take effect from the date of its passage.

Approved May 31, 1882.