EDWIN WARFIELD, ESQ., GOVERNOR.

371

Harry E. Karr, Charles M. Cohn, Robert E. Clark and
Howard E. Miller and all other persons who shall hereafter

CHAP. 238

become stockholders in the company hereby incorporated
shall be a body corporate by the name and style of the Secur-
ity Loan and Guarantee Company of Harford county, Mary-
land, and by that name shall have perpetual succession and
sue and be sued in any court whatever.

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

Body corporate

company shall consist of one thousand shares at fifty dollars
each, with the privilege to increase the same from time to
time by vote of the stockholders at a special meeting or meet-
ings to be called for that purpose, to a sum not exceeding two
hundred and fifty thousand dollars; and the incorporators, or
a majority of them, named in this Act shall have power
to open books of subscription at such times and places as
they may deem expedient, and they shall have power to
compel all subscribers to said stock to subscribe and pay
therefore at par, or at such sum above par as they may
decide; and when all of said one thousand shares shall have

Capital stock.

been subscribed, and when fifty per centum thereon has been
paid in, the stockholders may elect fifteen directors to serve
until the ensuing annual election 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 com-
pany 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 sub-
scribe io 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 by a vote of the majority of the
stockholders of the said corporation at the time of such
increase or increases; and in. case of the failure of any of
the stockholders to subscribe and pay for their pro rata
share of said stock at the price named in said resolution or
resolutions, and within the time limited and fixed under said
resolution or resolutions, then the board of directors shall
have the power to sell said stock for cash to such persons or
corporations as they may see fit; not, however, under the
price fixed in said resolution or resolutions.

Directors
elected.