JOHN WALTER SMITH, ESQ., GOVERNOR.

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and use a common seal, and to alter the same at its pleasure;
and to make and adopt a constitution and by-laws for the
government of said body corporate, and its stockholders,
officers, agents and employers, and from time to time to
amend the same ; provided, such constitution, by-laws or
amendments thereto shall not conflict with the constitution
and laws of this State or of the United States ; to elect or
appoint directors and officers, and generally to do, execute
and enforce all and singular, such acts, contracts, matters and
things as may be necessary to carry out the objects and
purposes and to protect the interests of said body corporate,
and to exercise the power or powers by this Act conferred
upon it ; and its principal office shall be located in Baltimore
city, Maryland.

CHAP. 400.

SEC. 2. Be it enacted. That the capital stock of said com-
pany shall consist of one thousand shares of. one hundred
dollars each, being one hundred thousand dollars, with the
privileges to increase the same from time to time by a majority
vote of all the stock at a special meeting to be called for that
purpose to an amount not exceeding one million dollars, and
the above-named incorporation, or a majority of them, shall
have power to open books of subscription at such times and
places as they may deem expedient, and when not less than
one thousand shares shall have been subscribed and at least
one dollar shall have been paid on each share so subscribed,
the subscribers, or a majority of them, may organize said cor-
poration and may elect seven or such other number of directors
not exceeding twenty-five as they may deem expedient, to
serve until the ensuing annual election or until their successors
have been duly elected and qualified, and the directors of said
company so elected are hereby authorized and empowered to
have and to exercise, in the name and on behalf of the com-
pany, all rights, privileges and powers which are given or
intended to be hereby given ; and the residue or unpaid por-
tion of said subscriptions to said capital stock shall be paid in
such instalments and at such times and upon such conditions as
may be required by the president and directors of said com-
pany ; and if any subscriber shall fail to pay any instalment or
part of said subscription thus demanded or required for the
space of thirty days after the time when the same shall be pay-
able, the shares of stock on which said payment is demanded
may be forfeited to the company, but any such forfeiture may
be remitted upon such terms and conditions as the said direc-
tors may prescribe ; and should the capital stock from time to
time or at any time or times be increased, the stockholders at
the time of such increase or increases shall be entitled to sub-

Capital stock.