EDWIN WARFIELD, ESQ., GOVERNOR.

1207

objects and purposes to protect the interests of said body
corporate, and to exercise the power or powers by this Act

cHAP. 719

conferred upon it. The main office of the corporation shall
be located in Baltimore city, Maryland, with the right, how-
ever, to establish such branch offices or agencies elsewhere
as may be necessary for the proper handling of its business.

SEC. 2. And be it further enacted, That the capital stock

Location of
main office.

of said body corporate shall consist of one hundred shares
of the par value of one hundred dollars each, being with the
privilege to increase the same from time to time by a vote
of the stockholders at a special meeting or meetings, to be
called for that purpose, to a sum not exceeding one hundred
thousand dollars; 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 in the city of Balti-
more and elsewhere as they may deem expedient, and they
shall have power to compel all subscribers to said stock to
subscribe and pay therefor at par or at such sum above par
as they may decide, and when the par value or such sum
above par as may be agreed upon on any share shall have
been fully paid, the same shall thereupon become non-
assessable and non-liable for or on account of any purpose
whatsoever; the said body corporate shall not, however,
begin the prosecution of any business under its charter until
its said stock to the amount of twenty-five shares shall have
been subscribed, which may be payable in such instalments
as the directors of said corporation may stipulate, and shall
have been subscribed to; and when all of the twenty-five

Capital stock.

shares shall have been subscribed, the stockholders may
elect not less than five or more than ten directors from
among themselves to hold until the ensuing annual meeting
or until their successors have been duly elected and qualified ;
and the directors so elected of said company when it shall
have been organized may, and they are hereby authorized
and empowered to have and to exercise in the name and on
behalf of the company all rights and privileges which are
intended to be hereby given; and should the capital stock,
from time to time, or at any time or times be increased,
the stockholders at the time of such increase or increases
shall be entitled to subscribe to a pro rata share of such
increase or increases, upon the payment of such price at
par or above par for said stock as may be determined upon

Election of
directors.