232

LAWS OF MARYLAND.

CHAP. 147.

May sue and
be sued,
etc.

SEC. 5. And be it enacted, That the said company shall be
able to sue and be sued, to complain and defend, to use a
common seal, and the same to alter and renew at pleasure, and
shall be capable of purchasing, holding, possessing, transfer-
ing and selling and conveying property, real, personal and
mixed, for the purpose of carrying on its business ; and the
said corporation shall have power and authority to issue its
capital stock, which stock shall be full paid, in payment of
lands, wharves, vessels or other property which it may pur-
chase, and also in payment for work done and materials there-
for ; the issuing of such stock shall be first authorized by a
majority of the stockholders of the company assembled in a
general or special meeting, called in pursuance of the by-laws
of the company.
SEC. 6. And be it enacted, That the annual meeting of

Annual
meeting for
directors.

the stockholders for the selection of directors and for the
transaction of such other business as may come before them,
shall be held on the second Tuesday in July in each year,
beginning with the second Tuesday in July, 1902. And at
all meetings of said stockholders each stockholder shall be
entitled to one vote for every share of stock held by him ; and
ten days' notice shall be given by publication in some news-
paper published in Baltimore city of the time and place of
said annual meeting, unless the giving of notice shall be waived
by all of the stockholders of the corporation ; which election
shall be conducted by three stockholders named previously
by the directors from the body of the stockholders, one of
whom shall be designated to act as judge and the other two as
inspectors. In the event of a vacancy in the board of directors
by death, resignation or otherwise, the said vacancy shall be
filled by the remaining members of the board of directors,
after sucli notice as may be prescribed by the by-laws of said
corporation.

Power
given to
enact rules,
by laws, etc.

SEC. 7. And be it enacted, That the directors of the said
corporation shall have power to enact such rules, regulations
and by-laws for the management of the affairs of said company
as they may deem advantageous to the interests thereof; pro-
vided, that the same be not inconsistent with the laws of this
State ; all by-laws, rules and regulations so made may be
repealed, altered or amended by the stockholders.

Declare
dividends.

SEC. 8. And be it enacted, That the directors shall have the
power to declare such dividends out of the profits of said com-
pany as they may deem proper; provided, that no dividend
shall be declared except out of the profits earned by the said
company.