750

LAWS OF MARYLAND.

person or persons to whom advances as aforesaid may

be made.

SEC. 4. And be it enacted, That this company is

Guarantee

authorized to guarantee the fidelity of persons

fidelity.

holding places of public or private trust; provided

that an amount equal to fifty per centum of the dues

charged by this company for such guaranty shall be

kept by said company as a reserve to secure the

liabilities of the company under this section (four);

and, further provided, that this company, for the

purposes of this section and not otherwise, shall

Company to

deposit the sum of one hundred thousand dollars

deposit.

with the Treasurer of the State of Maryland.

SEC. 5. And be it enacted, That the capital stock

of this company shall be one hundred thousand dol-

lars, which may be increased by the president and

Capital stock.

directors of the company at any time to an amount

of five hundred thousand dollars, and which capital

stock shall be divided into shares of the par value

of twenty-five dollars each, transferable in such

manner as may be provided by the by-laws of this

company; and that each of such shares shall entitle

to one vote in person or by proxy at all meetings

What to com-

of the stockholders; provided, before any vote by

ply with.

proxy shall be received, sections nine, ten and eleven

of article forty (Corporations) revised Code of Mary-

land of eighteen hundred seventy-eight, shall be

complied with.

SEC. 6. And be it enacted, That for the purpose

of obtaining subscriptions to the said capital stock,

books may be opened at such places and at such

times as the said corporators, or a majority of them,

may direct, after giving ten days' notice in two

Open books.

newspapers printed in the city of Baltimore; and

in the event of the entire amount of said capital

stock not being then subscribed, the corporators

aforesaid may, from time to time, receive further

subscriptions to the same.

SEC. 7. And be it enacted, That the affairs of the

company hereby incorporated shall be managed by a

board of seven directors, of whom the president shall

be one, and who shall be elected by the stockholders

How managed.

at a general meeting called for that purpose, and

shall hold office for one year, or until their suc-

cessors shall have been elected and duly qualified ;

and in the event of the death, resignation, removal