914

LAWS OF MARYLAND.

CHAP. 626.
Location.

SEC. 2. And be it enacted, That the office of said corpora-
tion shall be located in Clear Spring, Washington county,
State of Maryland.

Capital stock,
with
privilege to
increase
same.

SEC. 3. And be it enacted, That the capital stock of said
company shall consist of two hundred and fifty shares, of the
par value of one hundred dollars each, being twenty-five
thousand dollars ($25, 000), with the privilege to increase the
same from time to time to the sum of fifty thousand dollars,
by a majority vote of the stockholders at a special meeting or
meetings to be called for that purpose; and the incorporators,
or a majority of them, named in this Act, shall have power
to open books for subscription at such time and place as they
may deem expedient, and when said two hundred and fifty
shares have been subscribed, and when forty per cent, thereon
has been paid in, the stockholders may organize and elect not
less than seven directors nor more than twelve, to serve until
the ensuing annual election, or until their successors have been
duly elected and qualified, and the directors so elected of said
company, when it shall have been organized, as hereinbefore

Directors
to be elected.

stated, may and they are hereby authorized and empowered
to have and to exercise in the name and in behalf of the com-
pany, all rights and privileges which are intended to be hereby
given, and should the capital stock be at any time increased,
the stockholders at the time of such increase shall be entitled
to a pro rata share of said increase upon the payment of the
value of the same.

President
and other
officers to be
elected.

SEC. 4. And be it enacted. That the directors shall be
elected annually by the stockholders on the second Monday in
May; and they shall elect from their number at the first meet-
ing of the board after their election and after all subsequent
elections, a president and one or more vice-presidents, and shall
have power to elect a secretary, and to appoint and employ
such other officers and agents as the business of said corpora-
tion from time to time requires; all elections shall be by
ballot, each share of stock being entitled to one vote; and at
such elections, and at all meetings of stockholders, every
stockholder shall be entitled to one vote for every share of
stock held by him; but no person shall be eligible as a director
who is not a stockholder to the amount of ten shares of stock.

Notice to be
given
of election.

SEC. 5. And be it enacted, That ten days' notice shall be
given by publication in one or more newspapers published in
Washington county of the time and place of said annual
election, which annual election shall be conducted by three
stockholders to be selected by the body of stockholders, one
of whom shall be designated to act as judge, and the other two
as inspectors.