LLOYD LOWNDES, ESQUIRE, GOVERNOR.

their successors have been duly elected and qualified. The
number of said directors may be by them increased at any time
to a number not exceeding thirty. They shall elect from their
number a president and one or more vice-presidents, and shall
also have power to elect a secretary and treasurer, and to ap-
point and employ such other officers, clerks and agents as the
business of said company may from time to time require.

SEC. 3. And be it enacted, That the capital stock of said

789

corporation shall consist of five thousand shares of one hun-
dred dollars each, being five hundred thousand dollars, with
the privilege of increasing the same by two-thirds vote of the
stockholders, at a special meeting to be called for that purpose,
to three millions of dollars; and it shall be lawful for said cor-
poration to increase said capital stock to the amount of three
millions of dollars aforesaid, at any one time, or said capital
stock may be increased from time to time by vote of the stock-
holders, as hereinbefore provided, not exceeding, however, in
the aggregate, the said sum of three millions of dollars; should
the capital stock at any time be increased, as hereinbefore pro-
vided, 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.

Capital stock.

SEC. 4. And be it further enacted, That the said directors,
or a majority of them, shall have power to open books for sub-
scriptions to said stock at such times and places as they may
deem expedient, and when not less than two thousand shares
shall have been subscribed, and when fifty per cent, has been
paid in, the said directors may and they are hereby authorized
and empowered to have and exercise, in the name, and in
behalf of said corporation, all rights and privileges which are
intended to be hereby given.

Subscriptions
to stock.

SEC. 5. And be it further enacted, That the said directors
of the corporation hereby created shall have power to enact
and adopt such rules, regulations and by laws for the govern-
ment and management of the affairs of said corporation- as
they may deem advantageous to the interest thereof; provided,
that the same be not contrary to law.

By-laws.

SEC. 6. And be it further enacted, That the said corpora-
tion be and is hereby authorized to accept and execute 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, bodies corporate or public, or
by any court in the State of Maryland, or in any one of the

May execute
trusts, etc.