660

LAWS OF MARYLAND

CHAP 438

design of the company hereby incorporated. The office of
tide company shall be-in Baltimore city, Maryland.

Capital stock
with
privilege to
increase.

SEC. 2. And be it enacted, That the capital stock of the said
company shall consist of ten thousand shares of the par value
of one hundred dollars each, being one million dollars, with
the privilege to increase the same from time to time up to the
sum of two million dollars, by a vote of two-thirds of the
stockholders at a special meeting, to be called for that purpose ;
and the incorporators, or a majority of them, named in thia
Act, shall have power to open books for subscriptions at such
times and places as they may deem expedient, and when 2,000
shares of said 10,000 shares of stock have been subscribed, und
when 50 per cent, on said two thousand shares shall have been

Directorate
be elected.

paid in, the stockholders may elect five directors to serve until
the ensuing annual election, and the said corporation shall then
be entitled to all the rights, powers, privileges and franchises
conferred by this Act, and the directors so elected of said com-
E any, when it shall have been organized, may and they are
ereby authorized and empowered to have and to exercise in
the name and in behalf of the company all rights and privi-
leges which are intended to be hereby given, and the stock-
holders shall have the right, by vote at the general or special
meeting called for the purpose, to change the number of direc-
tors from time to time, from tive to a number not exceeding
twenty-five. And should the capital stock of said corporation
be at any time increased, the stockholders at the time of such
increase shall be entitled to a pro rata share of such increase
upon the payment of the par value of the same, and of such
price in excess of the par value as the board of directors may
prescribe.

President
and other
officers to be
elected

SEC. 3. And be it enacted, That the directors shall there-
after be elected annually by the stockholders on the first
Monday in October, and that they shall elect from their
number, at the first meeting of the board after their election,
as prescribed by the preceding section of this Act, and after
all subsequent elections, a president, vice-president, and, if
deemed expedient, second vice-president, and shall also have
power to elect a secretary and treasurer, who need not be of
their number, 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 such
elections and at all meetings of the stockholders, every stock-
holder shall be entitled to one vote for every share of stock
held by him, but no person shall be eligible as director who is
not a stockholder to the amount of at least ten shares of stock.