512

STATE OF MARYLAND.

CHAP. 359.

stock of this corporation, issued full paid at an agreed valua-
tion; and also to merge or consolidate such franchises, good
will, property and assets, so as to cause the same to be held
and exercised by a single corporation; to purchase, hold and
convey real and personal property for the purpose of its busi-
ness, and to mortgage the same and pledge the same or parts
thereof, to secure the payment of its bonds or other obliga-
tions. The said corporation shall also have such further
general powers, and be subject to the same restrictions and
regulations as are conferred and imposed by the Code of
Public General Laws of this State, upon corporations incor-
porated under said laws so far as the same are consistent with
the provisions of this Act.

Capital stock.

SEC. 3. And be it further enacted, That the capital stock of
said corporation shall consist of one thousand shares of. the
value of one hundred dollars each, amounting in the aggregate
to one hundred thousand dollars, which said stock may be in
whole common stock, or partly common and partly preferred
stock, and in such proportions as the said corporation may
from time to time determine, and with the privilege of
increasing the same by a vote of the holders of a majority of
the stock present at any annual or special meeting, to such an
amount as they may from time to time deem needful; and the
incorporators, or a majority of them named in the first section
of this Act, shall have power to open books for subscriptions,
at such times and places as they may deem expedient; and
when not less than one hundred shares have been subscribed,
and ten percentum thereon shall have been paid in, the share-
holders may elect not less than four nor more than twelve
directors to serve until the next annual election, or until their
successors shall be duly elected and qualified; and the direc-
tors so selected may and they are hereby authorized and
empowered to have and exercise, in the name and in behalf of
the company, all the rights and privileges which are intended
to be hereby given, subject only to such liabilities as other
shareholders are subject to, which liabilities are no more than
for the payment to the corporation of the sums due, or to
become due, on the shares held by them.

Principal
office.

SEC. 4. And be it further enacted. That the principal
office of the corporation shall be in the city of Baltimore, but
the directors, under such rules and regulations as they may
prescribe, may establish branches or agencies in other parts of
the State, or elsewhere; all of the directors of said corpora-
tion shall be citizens of the United States and reside therein.
SEC. 5. And be it further enacted, That the directors shall
be elected annually by the stockholders on the first day of