438

LAWS OF MARYLAND.

Court of Law and Equity; to make and use a
common seal and alter the same at pleasure ;
to make by-laws not inconsistent with law for

By-laws.

the management of its property, the regula-
tion of its affairs, and for the transfer of its
stock, for the forfeiture of its stock not paid,
and for the disposition of the proceeds thereof,
and to provide for all other matters which
may be regulated through by-laws, and gen-
erally to do and execute all such acts, matters
and things as a corporation may and can law-
fully execute, and all such matters and things
as may be necessary to carry out the objects
of said corporation.

SEC. 2. And be it enacted, That the capital
stock of said corporation shall be two hundred
thousand dollars, divided into two thousand

Capital stock

shares, of the par value of one hundred dollars
each, and may be increased from time to time
as a majority in interest of the stockholders
shall so determine, to an amount not exceeding
in all one million dollars.

SEC. 3. And be it enacted, That the affairs of
said corporation shall be managed by a Board
of seventeen Directors, a majority of whom
shall be a quorum, who shall be elected by
the stockholders immediately after the organ-

Management.

ization of said corporation, and on the second
Monday in January annually thereafter; the
Directors shall hold office until their succes-
sors are elected, and shall be authorized to
elect a President and Vice-President from
their own number, and also a Secretary and
Treasurer, and such other officers as they may
deem necessary, either from their own number
or from the stockholders.

Elections.

SEC. 4. And be it enacted, That all elections
held by said corporation shall be by ballot,
and at such elections, and at all meetings of
stockholders, every stockholder shall be en-
titled to one vote for every share of stock held
bv him.