HENRY LLOYD, ESQUTRE, GOVERNOR.

time of such increase, shall be entitled to
pro rata share of such increase upon the pay-
ment of the par value thereof.

SEC. 3. And be it enacted, That the Directors
shall be elected annually by the stockholders
on the second Tuesday of February in each
year; and they shall elect from their number

723

a President, and shall have power to elect a
Vice-President, a Secretary and a Treasurer,
and to employ such other servants and agents
as the business of the company may demand;
all elections shall be by ballot, and every share
of stock shall be entitled to one vote.

SEC. 4. And be it enacted, That ten days' no-
tice shall be given, by publication in two daily
newspapers published in the city of Baltimore,
of the time and place of such annual election,

Election.

which election shall be conducted by three
stockholders, to be chosen from the body of
stockholders in such way as the majority there-
of may determine, one of whom shall be des-
ignated to act as Judge and the other two as
inspectors.

SEC. 5. And be it enacted. That the Directors
shall have power to declare such dividends

Notice Riven .

out of the profits of said company as they may
deem proper; provided, that no dividend shall
be declared when the capital stock would be
impaired thereby.

SEC. 6. And be it enacted, That the Board of
Directors shall make all 'by-laws, rules and
regulations necessary for conducting the busi-

Dividends.

ness of the company; the directors shall also
have power to require payments from each
and every stockholder of the amounts remain-
ing unpaid on the stock of the company held
by such stockholders, at such times as they
may think proper.

SEC 7. And be it enacted, That said company
shall have and enjoy all the general powers,
provisions and privileges, and be subject to

Power of Di-

ectors.