JOHN WALTER SMITH, ESQ., GOVERNOR.

417

time increased, the stockholders at the time of such increase
shall be entitled to subscribe to a pro rata share of said increase
on the payment of the price that may be fixed by the board
of directors.

CHAP.288.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Monday in
January, 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 and two vice-presidents, and shall also have power
to elect a secretary and treasurer and to appoint and employ
such other officers, clerks and agents as the business of said
company from time to time requires ; the election shall be by
ballot, and at such elections and all meetings of stockholders
every stockholder shall be entitled lo one vote for every share
of stock held by him, but no person shall be eligible as director
who is not a stockholder to the amount of twenty-five shares
of stock.

Time
of election.

SEC. 4. And be it enacted, That ten days' notice shall be
given by publication in two daily newspapers in Baltimore
city of the time and place of said annual election, which
election shall be conducted by three stockholders to be named
from the body of stockholders, one of whom shall be desig-
nated to act as judge and the other two as inspectors. That
the office of said corporation shall be in Baltimore city.

Notice to be
given by
publication.

SEC. 5. And be it enacted, That the directors shall have
power to declare such dividends out of the profits of the said
company as they may deem proper ; provided, that no divi-
dend shall be declared where the capital stock would be
impaired thereby.

Dividends
declared.

SEC. 6. And be it enacted, That said company shall have
power to receive money on deposit, to act as agent for the
purpose of issuing, registering or countersigning certificates of
stock, bonds or other evidences of debt of any government,
colony, State, corporation, association, municipality or public
authority, on such terms as may be agreed upon, and deal in
exchange, foreign and domestic, and in every and all descrip-
tions of property, personal effects, securities, mortgages, lands,
certificates of indebtedness, stock of incorporated companies,
notes, loans on bonds of the United States, or of any govern-
ment, colony, State, city, county or municipality, or of any
incorporated company or of any individual.
SEC. 7. And be it enacted, That said company is hereby
authorized and empowered, either solely or jointly, with one
or more other sureties, to insure and become surety for the
fidelity of any individual, and also of persons holding places
27

May receive
money on
deposit, act
is agent, etc.