628

STATE OF MARYLAND.

CHAP. 423.

Body
corporate.

sons who may hereafter become stockholders in the company
hereby incorporated, shall be a body corporate by the name
and style of "United Trust Company," and by that name
shall have perpetual succession, and shall be competent to sue
and be sued in any Court of Law or Equity whatever, and may
have and use a common seal and alter the same at its pleasure,
and generally to execute and enforce all and singular such
acts, contracts, matters and things as may be necessary to carry
out the objects and purposes and protect the interests of said
body corporate, and to exercise the power or powers of this
Act conferred upon it. The office of the company shall be
located in Baltimore city, Maryland, with branch offices or
agencies elsewhere in the United States.

Capital stock
with
privilege to
Increase same

SEC. 2. And be it further enacted. That the capital stock of
said company shall consist of five thousand (5,000) shares of
the par value of one hundred ($100) dollars each, being tive
hundred thousand ($500,000) dollars, with the privilege to
increase the same from time to time, by a majority vote of all
the stock at a special meeting or meetings to be called for that
purpose, until the capital stock shall have amounted to tive
million ($5,000,000) dollars, and the above incorporators, or
the majority of them, shall have power to open books for sub-
scription to the capital stock of the company, at such times
and places, in the city of Baltimore and elsewhere, as they
may deem expedient, and they shall have authority to offer
said stock for subscription at par or at such sum above par as
they may decide ; and when the par value, or such sum above
par as may be agreed upon on any share shall have been fully
paid, the same snail thereupon become non-assessable and non-
liable for or on account of any purpose whatsoever. The
said company shall not, however, begin the prosecution of any
business under its charter until its eaid stock to the amount of
two thousand (2,000) shares shall have been subscribed, which
may be payable in such instalments as the directors of said

Directors
elected.

company may stipulate ; and when all of the two thousand
(2,000) shares have been subscribed the stockholders may elect
not less than seven (7) nor more than twenty-five (25) directors
from among themselves to serve until the next annual election
or until their successors have been duly elected and qualified,
and the directors so elected of said company, when it shall have
been organized, may, and they are hereby authorized and
empowered to have and exercise in the name and on behalf of
the company all rights and privileges which are intended to be
hereby given ; and should the capital stock of the company,
from time to time, or at any time or times, be increased, the
stockholders at the time of such increase shall be entitled to