EDWIN WARFIELD, ESQ., GOVERNOR.

927

five nor more than twenty-five members, the number to be
fixed from time to time by the by-laws, and any number less
than a majority of the board may be non-residents of the
State of Maryland.

SEC. 3. And be it enacted, That a meeting of the stock-

CHAP. 472

holders of said corporation for the adoption of by-laws, the
election of directors and the transaction of other proper and
necessary business shall be held not later than the last
Monday of December, 1906, and on such other stated days
thereafter as the stockholders shall from time to time deter-
mine. Until such meeting and election of directors under
the provisions of this Act, the following persons shall con-
stitute the board of directors, namely: Thomas H. Robinson,
Lloyd L. Jackson, Thornton Rollins, R. E. Lee Marshall,
Henry M. Warfield, Joseph C. Whitney and Charles A.
Councilman.

SEC. 4. And be it enacted, That until the first meeting of

Meeting',of
stockholders

the stockholders as aforesaid, the board of directors shall
have power to fill all vacancies in their body; to receive
subscriptions to the capital stock, and to accept in payment
of subscriptions to its stock such property as it is author-
ized to acquire, at a valuation to be agreed upon by the said
board of directors and the subscriber.

SEC. 5. And be it enacted, That the said corporation shall

Power to fill
vacancies.

be and it is hereby authorized for itself, or as broker, factor
or agent, to the same extent as a natural person, to buy,
lease, or otherwise acquire, own, work, develop, operate,
promote, sell, convey, mortgage, or otherwise dispose of,
within the State of Maryland or elsewhere, real and personal
property, and any rights, interests or estates therein; to
draw, make, accept, endorse, execute, issue and deal in prom-
issory notes, bills of exchange, letters of credit, warrants,
bonds, stocks, debentures and negotiable or transferable
instruments and securities of every description; to acquire,
hold, purchase, sell, pledge or mortgage policies of insur-
ance on lives or property and to pay premiums which may
be or become due thereon; to act as the broker for or agent
of insurance companies authorized to conduct an insurance
business in any of its branches in the State of Maryland; to
loan or borrow money for any of the corporate purposes of
the said corporation, and to secure the same by a mortgage

Authority to
buy, sell,
convey,
mortgage,
etc., real and
personal
property.