332

LAWS OF MARYLAND.

eight, chapter ninety-eight, all of which refer to the

Bank of Commerce of Baltimore city, be and it is

hereby repealed, and in lieu of said acts —

SEC. 2. Be it enacted, That the said Bank of Com-

merce be and it is hereby continued in existence

Existence con-
tinued.

as a body politic and corporate, with the rights and

privileges, and upon the conditions, and subject to the

same limitations in this act contained.

SEC. 3. And be it enacted, That the capital stock

of said corporation shall consist of two hundred and

two thousand and five hundred dollars, divided into

shares of fifteen dollars each, with the privilege of

increasing from time to time the capital stock of

said corporation to an amount not exceeding one

Capital stock.

million dollars, and with the privilege of increasing

the par value of the shares to twenty dollars each,

provided the increase of the capital stock of the said

corporation, in any form, shall be effected only by

payment in lawful money of the United States, and

shall be authorized by the stockholders at a general

meeting.

SEC. 4. And be it enacted, That the affairs of the

How managed.

said corporation shall be managed by a president and
directors, and the number of directors of said corpo-

ration shall not be greater than twelve nor less than

five, the number to be determined by the stockholders

of said corporation at a general meeting, to be held

for the purpose of the first election of directors, to be

made in the month of January next after this act

shall take effect; and Eugene Levering, George O.

Manning, James R. Clark, John C. King, Thomas H.

Who to consti-

Hanson, Charles Markel and John A. Totnkins, or a

tute directors.

majority of them, are hereby constituted a board of

directors to manage the affairs of said corporation

until said election; and in case it should at any time

happen that an election of directors or appointment of

president of the said bank should not be made so as to

take effect on any day when in pursuance of law the

same should take effect, the corporation shall not, for

that cause, be deemed to be dissolved, but it shall be

lawful at any time within sixty days thereafter to

make such election and appointment in such manner

as shall be directed and provided by the by-laws of

the bank; and the number of directors of said corpo-

ration may be changed by the stockholders from time

to time within the limits of the time aforesaid.