352

LAWS OF MARYLAND.

CHAP. 262.

Capital stock.
Board
of directors.

SEC. 3. And be it enacted, That the capital stock of said
corporation shall be $100,000, divided into one thousand shares
of $100 each, and its affairs shall be conducted by a board of
directors consisting of not less than five or more than twenty-
five members, the number to be fixed from time to time by
the by-laws, and any number less than a majority of the board
may be non-residents of the State of Maryland.

Meeting of.
stockholders
to be held.

SEC. 4. And be it enacted. That a meeting of the stock-
holders of said corporation for the adoption of by-laws, the
election of directors and the transaction of other necessary and
proper business shall be held not later than the last Tuesday of
December, 1903, and on such other stated days thereafter as
the stockholders shall from time to time determine. Until
such meeting and election of directors under the provisions of
this Act, the following persons shall constitute the board of
directors, namely, the said George B. Willis, Joseph C.
France, Joseph C. Mullen, Samuel K. Smith and Francis T.
Homer.

Board
of directors
have power
to fill all
vacancies,
etc.

SEC. 5. And be it enacted, That until the first meeting of
the stockholders to be held as aforesaid, the board of directors
shall have power to fill all vacancies in their body, to receive
subscriptions to the capital stock of the corporation and to
accept in payment of subscriptions to its stock such property
as it is authorized to acquire, at a valuation to he agreed upon
by the said board of directors and the subscriber.

May increase
capital
stock.

SEC. 6. And be it enacted, That the said body corporate
shall have the right from time to time to increase or diminish
its capital stock in accordance with the provisions of Article
23 of the Code of Public General Laws, entitled "Corpora-
tions," and any amendments thereto, and it shall be entitled
to the benefit of all the other provisions and powers enumer-
ated in said Article and relating to corporations generally,
which are not inconsistent with the power and limitations
hereby specifically granted and imposed.

Where
business
shall
be carried on.

SEC. 7. And be it enacted, That the operation of said body
corporate shall be carried on in the State of Maryland and
elsewhere in the United States, and its principal office shall
be in the city of Baltimore, in the State of Maryland, and it
shall be authorized to commence operations when it has paid
the bonus tax required by law on its capital stock.
Approved April 8, 1902.