EDWIN WARFIELD, ESQ., GOVERNOR.

697

General Laws of this State; and thereupon, 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 successors shall have been duly
elected and qualified; and the directors so elected of said
company, when it shall have been organized, may have 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 hereby intended to be 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 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 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,
below the price fixed in said resolution or resolutions.
SEC. 3. And be it enacted, That the principal office of the

CHAP. 383

corporation shall be in the city of Baltimore, but the
directors, under such rules and regulations as they may pre-
scribe may establish branches or agencies in other parts of
the State, or elsewhere.
SEC. 4. And be it enacted, That the directors shall be

Principal office
in Baltimore

elected annually by the stockholders on the first Tuesday in
April in each year, and they shall elect from their number
out of the stockholders, at the first meeting of the board
after their election, a president, and shall also have power to
elect 'from their pumber or otherwise, a vice-president or
vice-presidents, and a treasurer and secretary who may, if
desired, be one and the same person, and such officers, clerks
and agents as the business of the corporation may require ;
all elections for directors shall be by ballot, and every stock-
holder shall be entitled to one vote for each share of stock
held by him, but no person shall be eligible as director who
is not a stockholder to the amount of at least five shares.
At any annual or special meetings a quorum shall consist of

Election of
directors.