360

LAWS OF MARYLAND.

CHAP. 229

carry into effect the provisions of this Act or to protect the
interests and promote the objects and designs of the com-
pany hereby incorporated.
SEC. 2. And be it enacted, That the capital stock of said
corporation hereby created shall consist of two hundred

Capital stock.

shares of par value of fifty dollars each, being ten thousand
dollars, one-half to be paid cash, and the rest as the directors
shall determine; and the privilege is hereby given to said
corporation to increase the capital stock to twenty-five thou-
sand dollars whenever it shall be so determined by a three-
fourths' vote of all the directors; provided, the shareholders
be given the opportunity to increase their individual stock
in proportion to the increase in the capital stock.
SEC. 3. And be it enacted, That the affairs of said corpora-
tion shall be managed by a board of not less than seven nor

Directors to be
elected, etc.

more than twelve directors, who are to be elected annually in
January by the stockholders, one week's notice having been
given in one or more newspapers published in Dorchester
county, and that the persons named in the first section of
this Act are hereby made the directors of said corporation,
with the privilege of electing others, provided the whole
number shall not exceed twelve, to serve until the first annual
election in January, 1907, and said directors shall elect from
their number a president, vice-president, and such other
officers as they may see fit; a majority of said directors
shall constitute a quorum and be fully authorized for the
transaction of any business, and shall have full power to
make such by-laws, rules and regulations as in their judg-
ment they may deem necessary for the welfare of the said
corporation; the directors shall also fix the amount of the
bond to be given by the officers of the corporation for the
faithful discharge of their trust and to regulate the salaries
to be paid them.
SEC. 4. And be it enacted, That said corporation shall have

Power to bor-
row money,
etc.

power to borrow money, receive money on deposit, loan
money, or to discount notes in accordance with bank usages,
taking such security therefor, either personal or real, as the
board of directors may deem sufficient; may buy and sell
bills of exchange, notes, bonds, or other securities; may
accept and hold all such trusts as shall or may be committed
to it by any person or by the order or direction of any judge,
court or tribunal; may make such special regulations in