860

LAWS OF MARYLAND.

CHAP. 601.

CHAPTER 601.
AN ACT to Incorporate the Securities Company of Maryland.

Body
corporate.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Paul Iglehart, Emil Budnitz, Ormond Ham-
mond, Joseph S. Wilson, Patrick Martin, Frederick Dallam,
John L. Blake, Peter J. Campbell and E. Z. Wallower and
their successors and the holders of the stock hereinafter men-
tioned, be and they are hereby created a body corporate, by
the name of the Securities Company of Maryland, and by that
name shall have perpetual succession.

May acquire,
bold and
sell bonds or
other secu-
rities, etc.

SEC. 2. And be it enacted, That the said body corporate
shall have the power to acquire, hold, vote, sell, pledge and
exercise all the rights of ownership over any bonds or other
securities or evidences of indebtedness of, and any shares of
tue capital stock created or issued by any corporation of this
State or of the United States, or of any State or Territory of
the United States, or of any foreign country, an'd shall have
further power to aid in any manner any corporation whose
shares or securities it may hold, and to do any and all acts
intended to promote, protect, preserve and advance the value
and earning capacity of the securities held by it.

Capital stock.

SEC. 3. And be it enacted, That the capital stock of said
corporation shall be $100.000, divided into ten thousand shares
of $10.00 each, and its affairs shall be conducted by a board of
directors consisting of not less than five or more than twenty-
live members, the number to be fixed from time to time by the
by-laws, and any number less than a majority of the board
may be non-residents of the State of Maryland.

Time
of holding
meeting.

SEC. 4. And be it enacted, That a meeting of the stock-
holders of said corporation for the adoption of by-laws, the
election of directors and the transaction of other necessary
and proper business, shall be held not later than the last
Tuesday of December, 1903, and on such other stated days
thereafter as the stockholders shall from time to time deter-
mine, until such meeting and election of directors under the
provisions of this Act ; the following persons shall constitute
the board of directors, namely, the said Paul Iglehart, Emil
Budnitz, Ormond Hammond, Joseph S. Wilson, Patrick
Martin. Frederick Dallam, John L. Blake, Peter J. Campbell
and E. Z. Wallower.

Board
of directors
may fill
vacancies,
etc.

SEC. 5. And be it enacted, That until the first meeting of
the stockholders to be held as aforesaid, the board of directors
shall have power to till all vacancies in their body, to receive
subscriptions to the capital stock of the corporation and to
accept in payment of subscriptions to its stock such property