EDWIN WARFIELD, ESQ., GOVERNOR.

803

present at any annual or special meeting or meetings; and
the incorporators, or a majority of them, named in this Act,
shall have power to open books for subscription at such times
and places in the city of Baltimore and elsewhere as they
may deem expedient, and they shall have power to compel
all subscribers to said stock to subscribe and 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
on 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 business
under its charter until its said stock to the amount of one
hundred shares shall have been subscribed, which may be
payable in such instalments as the directors of said corpora-
tion may stipulate and shall have been subscribed to; and
when all of the one hundred shares shall have been subscribed
the stockholder s. may elect not less than seven nor more than

CHAP. 441

twenty-five directors from among themselves to hold until
the ensuing annual meeting, 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 in behalf of the company, 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 subscribe to 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 a 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 stock-
holders to subscribe and pay for their pro rata share of said
stock at the price named in said resolution or resolutions,
then the board of directors shall have the power to sell said
stock for cash or 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
elected annually by the stockholders on the second Tuesday
in July, and they shall elect from their number at the first

Directors to be
elected.