JOHN WALTER SMITH, ESQ., GOVERNOR.

97

the company at the time such issue of additional stock shall
be determined upon by said board of directors, and at the
price fixed by said board, but such price shall not be less than
the par value of said stock ; and if any stockholder shall
refuse or neglect to subscribe for his, her or its proportion
thereof, or shall fail to pay, at the time designated, the price
fixed therefor by the board of directors as aforesaid, the said
board of directors shall sell such part of said stock as shall not
have been subscribed and paid for, at the best price obtainable
for the same, but not less than the par value thereof.
SEC. 2. And be it further enacted by the General Assembly

CHAP. 78.

of Maryland, That power is hereby given to the stockholders
of the Safe Deposit and Trust Company of Baltimore, by a
majority vote at any annual meeting of the stockholders, to
increase the number of its directors, at any time, or from time
to time, by the addition of one or more members to its present
number of seven ; provided the total number of directors shall
not exceed twelve. The directors of the company shall be
elected at a general meeting of the stockholders of the com-
pany, to be held in such place and at such time as the by-laws
of the company may direct; and the directors so elected at
the the annual meeting after the passage of this Act shall

Number of
directors to
be increased.

hold office for the following terms, namely : One-third of
their number for one year, another third for two years, and
the other third for three years, and at each annual meeting
thereafter the said stockholders shall elect for a term of three
years directors to till the places of those whose terms shall
expire that year, so that the term of office of one-third of the
number of directors shall expire each year. It shall be the
duty of the directors, so to be elected, immediately upon
their election, to elect one of themselves as president of
the company, and they shall also elect a vice-president, or
vice-presidents, of the company, who shall hold their respec-
tive offices for one year and until their respective suc-
cessors shall have been elected and qualified. Any vacancy
occurring in the office of president, vice-president or director
of the company, shall be filled by the directors of the company.

To hold office.

The affairs of the company shall be managed by the board of
directors, and it shall be their duty to make such by-laws, rules
and regulations as they may deem needful and proper to regu-
late the affairs of the company, the duties and conduct of its
officers and^- employes, the election and meetings of its
directors, the meetings of its stockholders and all other matters
respecting or appertaining to the business and affairs of said
company.

Managed by
board of
directors.