192

LAWS OF MARYLAND.

CHAP. 147

elected and qualified, and the directors so elected by said
company and their successors, are hereby authorized and

Election of
directors.

empowered to enjoy and exercise all the rights and priv-
ileges which are intended to be hereby given, and whenever
the capital stock shall be at any time increased, the stock-
holders at the time of such increase shall be entitled to sub-
scribe to a pro rata share of said increase on the payment
of the price that may be fixed by the board of directors.

Sec. 3. And be it enacted, That the directors shall be

Date of annual
election of
directors.

elected annually by the stockholders on the second Monday
in January, and they shall elect from their number at the
first meeting of the board after their election, as prescribed
by the second section of this Act, and after all subsequent
elections, a president and two vice-presidents, and shall also
have power to elect a secretary and treasurer, and to appoint
and employ such other officers, clerks and agents as the
business of said company from time to time requires; the
election shall be by ballot, and at such election and all meet-
ings of stockholders, every stockholder shall be entitled to
one vote for every share of stock held by him, but no per-
son shall be eligible as director who is not a stockholder to
the amount of twenty-five shares of stock.

SEC. 4. And be it enacted, That ten days' notice shall be

Notice to be
given of elec-
tion.

given by publication in two daily newspapers in Baltimore
city of the time and place of said annual election, which
election shall be conducted by three stockholders to be
named from the body of stockholders, one of whom shall be
designated to act as judge and the other two to act as inspec-
tors; that the office of said corporation shall be in Balti-
more city.

SEC. 5. And be it enacted, That the directors shall have

Dividends
declared.

power to declare such dividends out of the profits of the said
company as they may deem proper; provided, that no divi-
dend shall be declared where the capital stock would be
impaired thereby.

SEC. 6. And be it enacted, That said company shall have

Power given to
act as agent,
etc.

power to act as agent for the purpose of issuing, registering
or countersigning certificates of stock, bonds or other
evidences of debt, of any government, colony, State, corpora-
tion, association, municipality or public authority, on such
terms as may be agreed upon, and deal in every and all