LLOYD LOWNDES, ESQUIRE, GOVERNOR.

547

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That th'e Wicomico Building and Loan Association of
Salisbury, Maryland, in addition to the powers possessed by it
under its certificate of incorporation and under the General
Laws of this State, shall have and possess the further powers,
rights and privileges and franchises particularly mentioned in
this act; and its charter, as set forth in said certificate, shall be
altered and amended so as to conform to the terms and provis-
ions of this act.

Further
powers.

SEC. 2. And be it enacted, That the said corporation shall
have perpetual succession and a corporate seal, and may adopt
a constitution and by-laws for its government, and may sue and
be sued.

Perpetual
succession,

etc.

SEC. 3. And be it enacted, That the capital stock of the said
corporation shall consist of two thousand shares of the par
value of $109 each, being $200,000, the same capital stock as
now granted under the original charter.

Capital stock.

SEC. 4. And be it enacted, That the said corporation shall be
governed by a constitution and by-laws, and managed by a
board of directors, who shall be stockholders to the extent of
not less than $1,000, upon which not less than $100 shall have
been paid in, who shall be elected annually, as may be provided
for from time to time, by the constitution and by-laws of said
corporation, by the stockholders, each stockholder being entitled
to as many votes as holds shares, upon which he has paid ten
per centum of the par value, voting in person or by written
proxy, a majority of the voting stock constituting a quorum,
and a majority of the quorum may elect. The directors so
elected shall serve for one year, or until their successors are
elected and qualified.

SEC. 5. And be it enacted, That the capital stock and accu-
mulated funds of the said corporation shall be invested in fee

Management
of corpora-
tion.

simple real estate, leaseholds, mortgages, bonds or stocks of
other incorporated companies, individual securities and other
evidences of debt, or in such other property as the said associa-
tion may deem profitable; and that the said corporation be
authorized and empowered to take, have and hold and enjoy
all such estates, real, personal and mixed, as may be obtained
with the money aforesaid, and also with any and all other funds
that may come into its possession in course of its business deal-
ings, and may sell, grant, mortgage, lease and dispose of the
same in its discretion, will and pleasure, and execute, acknowl-
edge and deliver all deeds and legal instruments for the same.

Investment
of funds.