566

LAWS OF MARYLAND.

of any director, thereafter, the place so made

Vacancy —

vacant shall be tilled by the other commissioners,

how filled.

or by the board of directors for the time being,

as the case may be, and in all cases the directors

shall act as such until their successors are chosen.

SEC. 6. And be it enacted, That the president and

directors of said company shall, from time to

Declare divi-

time, declare and pay to the stockholders divi-

dends.

dends of so much of the profits realized as they

shall deem expedient, after reserving such sum as

they shall decide to be reasonable to meet any

outstanding or probable indebtedness of the com-

pany, or to purchase whatever may be regarded as

necessary or desirable for the more successful

prosecution of its business; provided, however,

that no dividend shall be declared that will in any

degree impair the capital stock of said company ;

Prepare

and a statement of the affairs of the company

statement.

shall be prepared and be presented by the presi-

dent and directors to the stockholders at each

annual meeting; and the books of said company

shall at all times be open to the inspection of the

stockholders.

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

at any general meeting, or at any special meeting

called in such manner as the by-laws shall provide,

at which the holders of a majority of the whole

number of shares of stock shall be present or

represented, shall have the power to alter or re-

Power of
stockholders.

peal any by-laws made by said corporation, and

also to make such new by-laws and regulations as

the holders of a majority of the whole number

of shares of the stock shall assent to, which shall

be binding on the president and directors; pro-

vided that such by-laws shall not be contrary to

any of the provisions of this charter or to the

laws of this State or the United States.

SEC. 8. And be it enacted, That the principal

office of this company shall be in the city of Bal-

timore, but it shall have the right to establish, at

Location of

the discretion of its directors, agencies in other

principal office

cities and in the territories, but shall have no real

or leasehold property in the State of Maryland,

or conduct any other but its financial operations