484

LAWS OF MARYLAND.

CHAPTER 277.

AN ACT to incorporate The Farmers and Merchants Trust
Company of Carroll County.

A body cor-
porate.

Principal
office.

SECTION 1. Be it enacted ty the General Assembly of Mary-
land, That Charles E. Stewart, William H. Thomas, William
B. Thomas, J. Howell Billingslea, George M. Parke, James
A. C. Bond, George P. Buckey, J. Oliver Wadlow, David H.
Hoffacker, Robert W. Chase, Albert R. Pendleton, and their
associates and successors, and all such other persons as shall
hereafter become stockholders in the company hereby incorpo-
rated, shall be and they are hereby constituted a body politic
and corporate, by the name and style of The Farmers and
Merchants Trust Company of Carroll County, and by that
name shall have perpetual succession and be capable in law
to acquire and hold, and in anywise dispose of property, and
to sue and be sued, plead and be impleaded in any court what-
ever, to make and use a common seal, and to alter the same at
pleasure, and generally to do everything proper to carry into
effect the provisions of this act, or to promote the objects and
designs of the company hereby incorporated.
SEC. 2. And be it enacted, That the principal office of said
corporation shall be located in Carroll county, State of Mary-
land.

Capital stock

SEC. 3. And be it enacted, That the capital stock of said
company shall consist of five hundred shares at one hundred
dollars each, being fifty thousand dollars, with the privileges
to increase the same, from time to time, up to the sum of two
hundred and fifty thousand dollars, by a vote of the stock-
holders, at a special meeting to be called for that purpose ;
and the incorporators, or a majority, of them, named in this
act, shall have power to open books for subscription at such
times and places as they may deem expedient, and when said
five hundred shares have been subscribed, and after all the

Directors.

capital stock has been fully paid up, the stockholders may
elect twelve directors, and the directors so elected of said com-
pany, when it shall have been organized, may and they are
hereby authorized and empowered to have and to exercise in
the name and in behalf of the company, all rights and privi-
leges which are intended to be hereby given; and should the
capital stock be at any time increased, the stockholders at the
time of such increase shall be entitled to a pro rata share
of such increase, upon the payment of the par value of the
same.