752

LAWS OF MARYLAND.

the subscriber, where the property subscribed shall be such as
it is proper that the corporation shall own for the advancement
of the purposes for which it is hereby incorporated.

SEC. 3. And be it enacted, That the incorporators named in
the first section of this act, or a majority of them, shall have

Organization
of company

power to open at such time and place as they may select, books
of subscription to the capital stock of said corporation, and
when not less than fifty shares of said stock have been sub-
scribed for and at least twenty-five per centum of the par value
of the stock so subscribed for has been paid in, the stockholders
may organize the company, and may elect five directors to
serve until the next annual meeting of the corporation, which
shall be held on the second Monday of January, 1897; and the
annual meeting of the company shall be held in each year on
the second Monday of January. But if it shall happen at any
time that an election for directors shall not then be made, the
company shall not then be dissolved; but the election may be
held on any other day and in such manner as may be provided
for by the by-laws.

Management
of company

SEC. 4. And be it enacted, That when the company shall
have been organized, the board of directors thereof shall man-
age the business, property and affairs of the corporation, and
shall have and exercise in its name and on its behalf all of the
rights, privileges and corporate powers hereby conferred upon
the said company, and may adopt and establish such by-laws
and rules not contrary to law as may appear to them necessary
for the regulation of the concerns of the said body corporate,
and they may change and amend the same, and may declare
dividends, and elect and appoint a president, and all such other
officers, agents and servants for the corporation as they may see
fit, and fix their compensation and regulate their tenure of office,
and may, in their discretion, require of them bond for the faith-
ful performance of their duties.

SEC. 5. And be it enacted, That the principal office of this

May make
Horseless
carriages,
etc.

company shall be located in Baltimore county, but the opera-
tions of the corporation may be carried on in this State and
elsewhere, and the said corporation shall have power to make,
buy, sell, rent, operate for hire on the public highways of this
State, and in other places and otherwise to acquire, deal in or
use horseless carriages constructed to be used and operated upon
ordinary public roads and streets, whether patented or unpat-
ented, and may acquire and dispose of any rights in, to or
under letters patent appropriate for the conduct of said busi-
ness, and shall also have power to acquire, hold and sell, lease,