LLOYD LOWNDES, ESQUIRE, GOVERNOR.

increase the same from time to time up to the sum of one mil-
lion dollars, by a majority vote of the stockholders 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 ten thousand shares have been
subscribed, and when fifty per cent, thereon has been paid in,
the stockholders may elect fifteen directors to serve until the
ensuing annual election, or until their successors have been
duly elected and qualified; and the directors of said company
so elected may, and they are hereby authorized and empowered
to have and to exercise in the name and on behalf of said com-
Eany, all the rights and privileges which are intended to be
ereby 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 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.

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SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders on the second Wednesday of Jan-
uary in eacli 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 subsequent elec-
tions, a president, a vice-president or vice-presidents, and a
treasurer, and shall also have power to elect a secretary and to
appoint and employ such other officers, clerks and agents as
the business of the said company, from time to time requires.
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 or her, but no
person shall be eligible as a director who is not a stockholder
to the amount of at least fifty shares of stock.

Directors and
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 said annual election, which election
shall be conducted by three stockholders to be selected from the
body of 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 the
power to declare such dividends of the profits of said company
as they may deem proper; provided, that no dividend shall be
declared when the capital stock would be impaired thereby.

Dividends.