354

LAWS OF MARYLAND.

distributing, registering and transferring the capital

stock of the corporation and the certificate thereof.

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

said company shall consist of five hundred thousand

Capital trtock.

dollars, divided into ten thousand shares of fifty dol-

lars each, and which shall be deemed personal prop-

erty, and be transferred as such in the manner the by-

laws may prescribe, and the same may be hereafter

May be in-
creased.

increased, in case a majority of the directors for the

time being shall so determine, to an amount not ex-

ceeding two millions of dollars; the said corporation

may, however, commence business, and shall be

deemed fully organized, When the sum of twenty-five

thousand dollars toward the capital stock shall have

been subscribed for and ten per cent, of the amount of

the said subscription paid in cash.

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

Affaif — how

company hereby incorporated shall be managed by a

managed.

board composed of a president and six directors, all of

whom shall be stockholders, who shall be elected by

the stockholders thereof at a general meeting called

for that purpose, and shall hold office for one year or

until their successors shall have been daily elected and

qualified; and in the event of the death, resignation

or removal, or other disqualification of the president

or auy of the directors during the term for which they

were elected, the remaining directors shall fill the

vacancy thus occurring for the remainder of the term ;

Quorum.

a majority of the directors shall constitute a quorum

for the transaction of business, and shall have power

to appoint and remove at pleasure all officers, clerks,

servants or employees necessary or convenient for the

carrying on of the business of said company.

SEC. 5. And be it enacted, That as soon as twenty-

five thousand dollars shall have been subscribed to-

wards the capital stock, as provided in section three of

this act, the corporation named in the first section of

General meet-

this act shall call a general meeting of the stockhold-

ing.

ers for the purpose of electing a president and direct-

ors, until which period the said corporation shall ex-

ercise all the powers herein conferred, and shall fill all

vacancies in their own body from death, resignation

or otherwise.

SEC. 6. And be it enacted, That the said company

shall have full power to acquire, by agreement, pur-

chase, lease or otherwise, and to hold and use real and