24

LAWS OF MARYLAND.

nated as hardware, for which purposes they are
hereby authorized and empowered to purchase,
hold and sell land in fee simple, or otherwise ne-
cessary to conducting the said business, and to

Capital stock.

erect thereon all needful and convenient buildings;
and that the capital stock of the said corporation
shall be two hundred thousand dollars, in shares
of five hundred dollars each, with the privilege of
increasing the amount of capital to five hundred
thousand dollars.

Election of
Directors.

Sec. 3. And be it enacted, That in the further
management of the affairs of said company, the
stockholders shall annually elect five directors,
who shall hold their office for one year and until

Quorum.

their successors are elected; a majority of whom
shall form a quorum for the transaction of busi-
ness, and that the directors shall appoint a Presi-
dent and Secretary, and such other officers as n ay
hereafter be deemed necessary, who shall hold their
office for one year, and until their successors are
appointed, or they are dismissed by the stockhold-
ers or officers of the company.

Annual

meetings.

Sec. 4. And be it enacted, That the annual meet-
ings for the election of directors may be held at
such time and place, and upon such public notice
as may be provided by the by-laws, and that the
stockholders representing a majority of the stock
may call special meetings of the company at such
time and place, and upon such notice as may bo
prescribed by the by-laws.

Stock bound
for its debts.

Sec. 5. And be it enacted, That the stock of said
company shall be deemed personal estate; that all
property, estate and joint stock of the corporation
shall he bound and answerable for its debts and
liabilities.

Banking pri-
vileges pro-
hibited.

Sec. 6. And be it enacted, That nothing con-
tained herein shall be construed as granting bank-
ing privileges, or to authorize the said corporation
to issue any note, device or other evidence of debt,
to be used as currency, or as exempting their pro-
perty and effects from general taxation.

Reservation

Sec. 7. And be it enacted, That the General As-
sembly reserves to itself the right to alter, amend
or annul this act, at its pleasure.

Construction.

Sec. 8. And be it, enacted, That nothing herein
contained shall be so construed as to authorize the