898

LAWS OF MARYLAND.

CHAT. 816.

and generally to do everything proper to carry into effect .the
provisions of this Act.

Capital stock,
with
privilege to
Increase
same.

SEC. 2. And be it enacted, That the capital stock of the sard
company shall consist of ten thousand shares, at ten dollars
each, being in all one hundred thousand dollars, with the
privilege to increase the same from time to time up to the sum
of one million dollars by a majority vote of the stockholders,
and as soon as said increase is made, the State bonus tax on
such increase of the capital stock of one-eighth of one per-
centum as now provided by law shall be due and payable, and
the same shall be paid the State before any business shall be
transacted under its capital; and the incorporators, or a majority
of them named in this Act, shall have power to open books
for subscription at such times and places as they may deem
expedient, and when said ten thousand shares have been sub-
scribed, and when fifty percentum thereon have been paid in,
the stockholders may elect not less than ten nor more than
twenty-four directors, to serve until the ensuing annual elec-
tion or until their successors have been duly elected and quali-

Directors
be elected;

fied; and the directors of said company may and they are

hereby authorized and empowered to have and to exercise in
the name and on behalf of the company mentioned all the rights
and privileges which are intended to be hereby given ; and
should the capital stock at any time be increased, the stock-
holders at the time of said increase shall be entitled to a pro
rata share of such increase upon 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. Be it enacted, That the directors shall be elected
annually, by the stockholders, on the second Wednesday in
January of each year, and they shall elect from their members,
at the first meeting of the board after their election as pre-
scribed by the second section of this Act, and after all subse-
quent elections, a .president and as many vice-presidents as
they may deem proper, who may be taken from the directors
or any of the stockholders, a treasurer and a secretary, and
to appoint and employ such other officers, clerks and agents as
the business of the said company from time to time requires.
All elections shall be by ballot, and at such elections and all
meetings of stockholders, every stockholder shall be entitled
to one vote for every share of stock held by him or her.

Notice to be
given
of election.

SEC. 4. And be it enacted, That five days' notice shall be
given by publication in two daily newspapers published in
Baltimore city of the time and place of said annual election,
which election shall be conducted by three stockholders to be
selected from the body of stockholders, one of whom shall be
designated to act as judge, and the other two as inspectors.