400

LAWS OF MARYLAND.

CHAP. 294.

CHAPTER 294.

AN ACT to incorporate the Co-operative Loan, Deposit and
Guarantee Company.

Body
corporate.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That W. F. King, E. H.Hargis, W. J.Wilkinson,
W. B. Usilton, Samuel J. Turner and J. H. Wheeler, and
their associates and successors, and all such other persons as
shall hereafter become stockholders in the company hereby
incorporated, shall be and they are hereby constituted a body
pplitic and corporate by the name and style of the Co-operative
Loan, Deposit and Guarantee Company, and by that name
shall have perpetual succession, and be capable in law to
acquire and hold and in anywise dispose of property, and to
sue and be sued, plead and be impleaded in any Court what-
ever, to make and use a common seal, and to alter the same at
pleasure, and generally to do everything proper to carry into
effect the provisions of this Act, or to promote the object and
designs of the company hereby incorporated.

Capital stock.

SEC. 2. And be it enacted, That the capital stock of such
company shall consist of one thousand shares, at one hundred
dollars each, being one hundred thousand dollars, with the
privilege to increase the same, from time to time, up to the
sum of one million dollars, by a vote of the stockholders at a
special meeting to be called for that purpose, and the incorpo-
rators, 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 one thousand
shares have been subscribed, and when fifty per cent, thereon
has been paid in, the stockholders may elect twenty-four

Election of
directors.

directors, or a less number of directors, not less than twelve,
however, to serve until the ensuing annual election, and
the directors so elected of said company, when it shall have
been organized, may, and they are hereby authorized and
empowered to have and to exercise, in the name and in behalf
of the company, all the rights and privileges which are
intended to be hereby 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 the payment of the par value of the same.

Time
of election.

SEC. 3. And be it enacted, That directors shall hereafter
be elected annually by the stockholders, on the first Monday in
May, 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 elections, a
president, first vice-president, second vice-president and treas-