THOMAS SWANN, ESQUIRE, GOVERNOR.

13

that name shall have perpetual succession, and be
able to sue and be sued, plead and be impleaded,
in all the courts of this State and elsewhere, and
to have and use a common seal, and the same to
alter or renew at their pleasure, and to make and
ordain such ordinances, regulations, by-laws, and
generally to do all such acts and things as may be
or become necessary to carry into effect this act
and promote the object and design of the corpora-
tion hereby created.

Sec. 2. And be it enacted, That the capital stock
of said corporation shall not be less than two
hundred thousand dollars, to be divided into
shares of one hundred dollars each, with power to
increase the same to a sum not exceeding one mil-
lion of dollars.

Capital stock.

Sec. 3. And be it enacted, That the capital stock
shall be paid as follows: Twenty-five dollars per
share before or at the general meeting for the or-
ganization of the company, to the three associates
herein first named, who are hereby appointed com-
missioners, any two of whom may act, and the res-
idue thereafter as may be appointed by the Presi-
dent and Directors.

Stock — how
paid.

Sec. 4. And be it enacted, That whenever it
shall appear to the commissioners aforesaid, that
two hundred thousand dollars of the capital stock
has been subscribed, and fifty thousand dollars
thereof has been paid them in cash, the said com-
missioners shall, by the service of personal notice
or otherwise, call a general meeting of the stock-
holders at a certain time and place in the city of

General
meeting of
stockholders.

Baltimore, to organize said corporation; in such
meeting the subscribers and stockholders shall
proceed, under the inspection of said commission-
ers, to elect a president and five directors; the com-
missioners shall forthwith, after said election, pay
over to the president and directors, or to their
order, all money secured by them from the sub-
scribers to the capital stock of the company, and
deliver up all books and papers in their hands con-
cerning the same.

Election of
President and
Directors.

Sec. 5. And be it enacted, That the affairs of the
corporation shall be managed by the President and
five directors, being stockholders (a majority of
whom shall constitute a quorum), who shall be

Affairs— how
managed.