580

LAWS OF MARYLAND.

CHAP. 406.

CHAPTER 405.

AN ACT to Incorporate the Security Loan and Trust
Company.

Body
corporate.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That William B. Tilghman, Charles F. Holland,
John H. White, Simon Ulman, W. H. Jackson, W. P.
Jackson and J. Williams, and their associates and successors,
and all other such persons as shall hereafter become stock-
holders in the company hereby incorporated shall be and they
are hereby constituted a body politic and corporate by the
name and style of the Security Loan and Trust Company,
located at Salisbury, Wicomico county, Maryland, and by that
name shall have perpetual succession, and be capable in law to
acquire and hold and in anywise dispose of property, and to
sue and be sued, and be impleaded in any Court whatever, to
make and use a common seal, and to alter the same at pleasure,
and generally to do everything proper to carry into effect the
provisions of this Act or promote the objects and designs of
the company hereby incorporated.

Capital stock

SEC. 2. And be it enacted, That the capital stock of the
^-said company shall consist of tive hundred shares, at one
hundred dollars each, being fifty thousand dollars, with the
privilege to increase the same from time to time up to the
sum of two hundred and fifty thousand dollars by a vote of
the stockholders at a special meeting to be called for that pur-
pose, and the incorporators, or a majority of them named in
this Act, shall have power to open books for subscription, at
such times and places as they may deem expedient, and when
two hundred and fifty shares of the said five hundred shares
have been subscribed, and when fifty per cent, on said two
hundred and fifty shares shall have been paid in, the stock-
holders may elect seven directors, to serve until the ensuing

Directors
elected.

annual election, and the directors so elected of said company,
when it shall have been organized may, and they arc hereby
authorized and empowered to have and to exercise, in the name
and in behalf of the company, all rights and privileges which are
intended to be hereby given, and the stockholders shall have
the right by vote, at a general or special meeting called for
the purpose, to change the number of directors from seven to
a number not exceeding fifteen.

President
and other
officers
electtd.

SEC. 3. And be it enacted, That directors shall thereafter
be elected annually by the stockholders on the first Thursday
in January, and that 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