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CHAP. 400
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scribe to a pro rata share of such increase or increases upon the
payment of such price at par or above par for said stock and
upon such terms and conditions as may be determined upon by
a vote of a majority of the stockholders at the time of such
increase, and in case of the failure of the said stockholders to
subscribe and pay for their pro rata share of stock at the time
and upon the terms contained in the said resolution or resolu-
tions, then the board of directors shall have power to sell said
stock for cash or payable in instalments and upon such terms
and conditions, and to such person or persons, corporation or
corporations as they may see fit ; not, however, under the price
fixed in said resolution or resolutions.
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Election of
directors
and other
officers.
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SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Tuesday in
March, 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 such vice-presidents as they may see fit ; and
shall also have power to elect or appoint a general manager, a
secretary or such assistant secretaries and a treasurer, or such
assistant treasurers, and an auditor, and said secretary and
treasurer may be one person, and to appoint and employ such
other officers, clerks and agents as the business of said company
from time to time requires; all elections shall be by ballot, and
at all meetings of the stockholders every stockholder shall be
entitled to one vote for every share of stock held by him, but
no person shall be eligible as a director who is not a stock-
holder ; and stock may be voted by proxy or any or all of the
stockholders may authorize a trustee or trustees to vote their
stock for such a. period of time and upon such terms and con-
ditions as in such voting trust agreement may be set forth.
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Authority
to buy, sell,
lease or hold
property,
etc.
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SEC. 4. And be it further enacted, That said body corporate
shall be and it is hereby authorized and empowered for itself
or as trustee, broker, factor or agent, to the same extent as a
natural person to. buy, lease, hold or acquire by gift, exchange
or otherwise, and to own, work, develop, operate, promote,
sell, convey, improve, mortgage, loan money upon or other-
wise dispose of within the iState of Mar} land or elsewhere,
real and personal property and any rights, interests or estates
therein ; and to make, accept, endorse, execute, under-
write, buy, sell, issue, loan or borrow money upon, guarantee
and secure the payment and punctual performance thereof,
and generally to deal in choses in action, checks, notes, letters
of credit, bills receivable, bills payable, bills of exchange,
domestic and foreign, due bills, certificates of deposit, ware-
house receipts, stocks, bonds, contracts, obligations, mortgages
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