EDWIN WARFIELD, ESQ., GOVERNOR.

1199

SEC. 2. And be it enacted, That the capital stock of said
company shall consist of one thousand (1,000) shares of the
par value of one hundred ($100.00) dollars per share, with
the privilege of increasing the same from time to time, to the
sum of five hundred thousand ($500,000.00) dollars, or five
thousand (5,000) shares, by a vote of the stockholders, at
any general or special meeting called for that purpose; pro-
vided, however, that the capital stock shall not be increased
except by a two-thirds' vote of all the stock theretofore issued ;
and said incorporators, or a majority of them, shall have
power to open books for subscriptions to said stock, at such
times and places, and in such manner, as shall be determined
and regulated by the said incorporators, or a majority of
them, and when five hundred (500) shares have been sub-
scribed for, and fifty (50) per cent, of such subscriptions
have been paid in, either in cash or its equivalent, by an
exchange of stock for lands and other property for the use

CHAP. 714
Capital stock.

of the corporation, the stockholders may elect a board of
directors, composed of not less than seven (7) nor more than
eleven (11) persons, to serve until the ensuing annual elec-
tion; and the directors so elected when said company shall
have been organized may and they are hereby authorized
and empowered to have and exercise in the name and behalf
of said company, all the rights and privileges which are
hereby conferred on said company; and should the capital
stock at any time be increased, the stockholders, at the time
of such increase shall be entitled to a pro rata share of such
increase upon paying the price theretofore determined at
such stockholders' meeting, at which said stock shall be
sold.

SEC. 3. And be it enacted, That said corporation, before

Election of
directors.

proceeding to exercise any of the powers and franchises
herein granted, shall file with the State Tax Commissioner
of the State of Maryland a certified copy of this Act, and
pay to the State Treasurer, for the use of the State, a bonus
of one-eight of one per centum upon the amount of capital
stock which said company is authorized to have, and a like
bonus upon the amount of any subsequent increase of the
capital stock the company is authorized to have. The bonus
tax upon any increase of the capital stock shall be due and
payable immediately after the passage of any resolution by
the stockholders of the company authorizing such increase,

Certified copy
of Act filed
and bonus
paid.