LLOYD LOWNDES, ESQUIRE, GOVERNOR.

company, all rights and privileges 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.

53

SEC. 3. And be it enacted, That directors shall thereafter be
elected annually by the stockholders on the first Monday in
May, and they shall elect from their number, at the first meet-
ing of the board after their election, as prescribed by the
second section of this act, and after all subsequent elections, a
president, first vice-president, second vice-president and treas-
urer, and shall also have power to elect a secretary and to
appoint and employ such other officers, clerks and agents as
the business of said company from time to time requires; all
elections shall be by ballot, and at such elections and all meet-
ings of stockholders, every stockholder shall be entitled to one
vote for e.very share of stock held by him, but no person shall
be eligible as director who is not a stockholder to the amount
of at least ten shares of stock.

Election of
officers.

SEC. 4. And be it enacted, That five days' notice shall be
given by publication in two daily newspapers in Baltimore
city of the time and place of such annual election, which
election shall be conducted by three stockholders, to be named
from the body of the stockholders, one of whom shall be
designated to act as judge and the other two as inspectors.

Notice of
election.

SEC. 5. And be it enacted, That the directors shall have
power to declare such dividends of the profits of the said
company as they may deem proper, provided that no dividend
shall be declared when the capital stock would be impaired
thereby.

Dividends.

SEC. 6. And be it further enacted, That said company shall
have power to receive money on deposit, to act as agent for
the purpase of issuing, registering or countersigning certifi-
cates of stock, bonds or other evidences of debt of any State
corporation or association, municipality, or public authority
on such terms as will be agreed upon; to deal in exchange
foreign and domestic, and in every and all descriptions of
property, personal effects, securities, mortgages, land certiti-
cates of indebtedness, stocks of incorporated companies, notes
loans or bonds of the United States, or of any city, county or
municipality, or of any incorporated company, or any indi-
vidual.

Corporate
powers.