LLOYD LOWNDES, ESQUIRE, GOVERNOR.

regulation of the concerns of said body politic; and they may
change and amend the same, and may declare dividends and
elect and appoint a president, vice-president, secretary and treas-
urer, and all such other officers, agents and employes for the
corporation, as they may see fit, and fix their compensation and
regulate their terms of office, and may, in their discretion, re-
quire of them bond for the faithful performance of their duties,
and to remove them at will; a majority of the said directors
shall form a quorum, and be fully authorized for the transaction
of any business. The said board of directors may be increased
to seven at any time at a regular stockholders' meeting, or a
special stockholders' meeting called for that purpose; a majority
of stock represented at such meeting shall declare the same,
Said board of directors may meet as often as may be necessary
for the transaction of the business of the corporation.

325

SEC. 6. And be it enacted, That the said corporation hereby
created, and the board of directors and stockholders thereof
shall, in addition to the powers hereby granted, have and enjoy
in all respects all the powers, privileges, benefits and advantages
which now are or may hereafter be conferred by the Public
General Laws of Maryland relating to corporations, upon cor-
porations formed or to be formed in accordance with the pro-
visions hereof; and the corporation hereby formed shall in all
respects, except in so far as may be inconsistent with the pro-
visions of this act, be subject to the provisions and regulations
in the Public General Laws of Maryland relating to corpora-
tions contained in reference to corporations formed or to be
formed thereunder.

Powers and
privileges
of company

SEC. 7. And be it enacted, That the shares of the capital
stock of the said corporation subscribed for shall be paid for in
full at par value within sixty days from date of said subscrip
tion.

Payment of

subscrip-
tions.

SEC. 8. And be it enacted, That at all elections every stock
holder shall be entitled to one vote for each share held, and the
stockholders may vote either in person or by proxy.

Votes of
stockholders.

SEC. 9. And be it enacted, That this act shall take effect
from the date of its passage.

Approved April 2, 1896.

Effective.