864

LAWS OF MARYLAND.

CH AP. 604.

dams, vehicles or other property required for its purposes,
and for the acquiring, developing, improving, using, working
or otherwise utilizing or disposing of any novelties, inventions
or processes patented by the United States or foreign countries,
and for the sale, lease or other disposition of articles manu-
factured under such patents, and for the carrying on of a
general wholesale, retail, mercantile and manufacturing busi-
ness in this State and elsewhere, and with the powers neces-
sary or proper to enable said company to carry out any of its
operations or fulfill the purpose named in this Act, and gener-
ally to do every other act and thing not inconsistent with law
or the privileges granted in Article 23 of the Public General
Laws, except as herein enacted or granted, which may be
necessary or proper to promote the objects, designs and pur-
poses for which this company is formed, which is hereby
declared to be for the purpose of carrying on a general manu-
facturing and market business or enterprise, and for the pur-
chase, sale, exchange or other disposition of the articles and
powers hereinbefore mentioned.

Capital stock,
with
privilege to
increase
same.

SEC. 4. And be it enacted. That the capital stock of said
company shall consist of five hundred shares of one hundred
dollars each, making fifty thousand dollars, with the privilege
at any time to increase the same by a two-third vote of the
stockholders to any amount which they may deem requisite
for the purposes of the corporation, under the provisions of
Article 23 of the Code of Public General Laws, title "Cor-
porations, " and to have the power to issue bonds in such
amount as it may deem expedient, to sell and dispose of such
bonds and to secure payment of such bonds by mortgage or
deed of trust on any part or all of its property or franchisee,
and the said incorporators, or the majority of them in office,
shall have the power to open books for subscription at such
time and place as they may deem expedient; and when not less
than twenty-five per cent, thereof has been paid in the stock-
holders may elect not less than five nor more than twelve
directors to serve until the ensuing annual election of officers,
or until their successors have been duly elected and qualified,
and the directors so elected and qualified of said company,
when it shall have been organized, may and they are hereby
authorized and empowered to hold and exercise in the name
and behalf of the company all rights and privileges which
are intended to be hereby given; and should the capital
stock at any time be increased, the stockholders at the time of
such increase shall be entitled to pro rata shares of such
increase upon payment of the par value of the same.