556

LAWS OF MARYLAND.

to have and to exercise in the name and on behalf of the com"
pany 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, and of such price in excess of the par
value as the board of directors may prescribe.

SEC. 3. Be it enacted, That the directors shall be elected

Directors and
officers.

annually by the stockholders on the third Tuesday of January
in each year, and they shall elect from their number at the first
meeting of the board after their election, as prescribed by the
second section of this act, and after all s-ubaequent elections, a
president and a vice-president or vice presidents, and the said
directors shall also have power to elect a secretary and treasurer
and to appoint and employ such other officers, clerks and agents
as the business of said company from time to time may require.
All elections shall be by ballot, and at such elections and all
meetings of stockholders every stockholder shall be entitled to
one vote for every share of stock held by him; that no person
shall be eligible as director who is not a stockholder to the
amount of twenty-five shares of stock.

SEC. 4. And be it enacted, That ten days' notice shall be

Notice of
election.

given by publication in two daily newspapers published in the
city of Baltimore, of the time and place of said annual elec-
tion; and when a meeting shall be held in pursuance of ouch
notice it shall be organized and its proceedings shall be con-
ducted as may be prescribed by the by-laws of the company,

SEC. 5. And be it enacted, That the directors shall have

Dividends.

power to declare such dividends of profits of the said compaqy
as they may deern proper; provided, that no dividend shall be
declared when the capital stock would be impaired thereby.

SEC. 6. And be it enacted, That the president, vice-president

By-laws.

and directors of the corporation hereby created shall have
power to enact and adopt such rules, regulations and by-laws
for the government and management of the affairs of said cor-
poration as they may deem advantageous to the best interests
thereof.

May execute
trusts, etc.

SEC. 7. And be it enacted, That the said corporation be
and it is hereby authorized and empowered to accept and exe-
cute, as fully as a natural person, trusts of any and every
description which may be committed or transferred to it, with
its consent, by any person or persons whomsoever, other than