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CHAP. 731
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power to compel all subscribers to said stock to 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 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 corpo-
rate shall not, however, begin the prosecution of any busi-
ness under its charter until the whole of its said stock to the
amount of one hundred thousand dollars shall have been
subscribed and actually paid in cash, and shall have been
invested either in securities of the United States, of the
State of Maryland, or of the city of Baltimore, and the same
have been deposited in the treasury of this State as a guar-
antee for the payment of the policies of insurance issued by
said company, as prescribed by Section 116 of Article 23 of
the Code of Public General Laws of this State; and there-
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Directors to be
elected.
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upon the stockholders may elect not less than seven nor
more than twenty-five directors from among themselves to
hold until the ensuing annual meeting, or until their suc-
cessors shall have been duly elected and qualified; and the
directors when 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 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 pay-
ment of such price at par or above par for said stock, as may
be determined upon by a vote of the majority of the stock-
holders of the said corporation at the time of such increase
or increases; and in case of the failure of any of the stock-
holders to subscribe and pay for their pro rata share of said
stock at the price and within the time named in said resolu-
tion or resolutions, then the board of directors shall have the
power to sell said stock, payable in instalments, to such
persons or corporations as they may see fit, not, however,
under the price fixed in said resolution or resolutions.
SEC. 3. And be it enacted, That the directors shall be
sleeted annually by the stockholders on the second Tuesday
in January and they shall elect from their number, at the
first meeting of the board after their election, as prescribed
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