42

LAWS OF MARYLAND.

CHAP. 33.

By-laws,
rules and
regulations
adopted.

SEC. 9. And be ^t enacted, That the directors of said corpo-
ration shall have full power to adopt such by-laws, rules and
regulations for the direction and management- of said corpo-
ration as may in their judgment be necessary for the purpose
of their incorporation not inconsistent with the provisions of
this charter and the laws and constitution of this State, and
the president and directors of said corporation, or a majority
of them, shall constitute, appoint and employ such officers,
agents and servants as may be necessary for the transaction of
all business of said corporation, with full power to fix their
compensation and to remove them at pleasure.

One dollar to
be paid
upon every
share as
subscribed.

SEC. 10. And be it enacted, That upon every subscription to
the capital stock of said association there shall be paid to the
incorporators or their agents the sum of one dollar on each
and every share as subscribed and the residue shall be paid in
such instalments and at such times as the president and direc-
tors shall prescribe and require; and if any subscriber shall
neglect to pay any instalment for the space of thirty days
after the same be due and payable the stock on which it is due
and dernaudable shall, at the discretion of the said president
and directors, be forfeited to the corporation ; provided, never-
theless, that nothing herein contained shall be construed to
prevent said corporation from suing for and recovering such
unpaid instalments in like manner as other debts and claims
are recoverable.
SEC. 11. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved March 5, 1902.