JOHN WALTER SMITH, ESQ., GOVERNOR.

629

subscribe to a pro raid share of such increase upon the pay-
ment of the par value of the same ; and of such price in excess of
the par value as may be determined upon by a vote of a majority
of the stockholders of said company at the time of such
increase, and in case of the failure of any of the stockholders
of said company to subscribe and pay for their pro rata share
of said stock, at the price received in any resolution or resolu-
tions passed by the stockholders, and with the time limited and
fixed therein, then the board of directors shall have power to
eell said stock, payable in instalments, to such persons or cor-
porations as they may pee tit, not, however, under the price
fixed in said resolution or resolutions.

CHAP. 423.

SEC. 3. And be it further enacted, That the directors of said
company shall be elected annually by the stockholder on the
second Tuesday in January in each year, and they shall elect
from their number, at the first meeting of the board after their
election, as prescribed in the second section of this A.ct, and
after all subsequent elections, a president and two or more vice-
presidents, and tiie said directors shall also have power to elect
a secretary and treasurer, and such other assistant secretaries
and treasurers as may be necessary, and to appoint and employ
such other officers, clerks and agents as the business of the
said company may from time to time require; all elections
shall be ballot, and at such elections and at all meetings of the
stockholders every stockholder shall be entitled to one vote for
every share of stock held by him or her, but no person shall
be eligible as director who is not a stockholder to the amount
of at least twenty (20) shares of stock.

President
and other
officers
elected.

SEC. 4. And be it further enacted, That ten (10) days' notice
shall, be given by publication in one or more daily newspapers
in the city of Baltimore of the time and place of said annual
election, and when a meeting shall be held in pursuance of
such notice, it shall be organized and its proceedings be con-
ducted as may be prescribed by the by-laws of the company.

Public notice
of annual
meeting.

SEC. 5. And be it further enacted, That said company
be and it is hereby authorized to accept and execute, as
fully as a natural person, trusts of any and every descrip-
tion, which may be conferred upon, committed or trans-
ferred to it with its consent, by any person or persons
whomsoever, firms, bodies corporate or public, or other
authority, upon such, terms as may be agreed upon, or by
devise, bequest or otherwise, or which may be intrusted,
committed or transferred to it by the order, judgment or
decree of any of the Courts of Record in this State or other
State or of the United States ; or by any foreign State,
Government, corporation or person ; and to receive and take

Authority to
accept
nd execute
trusts, etc.