988

LAWS OF MARYLAND.

CHAP. 608

Body
corporate.

Skinner, William H. H. Sultzer and William J. Cunningham,
and their associates and successors, and all such persons as
shall hereafter become stockholders in the company hereby
incorporated, shall be and they are 'hereby constituted a
body politic and corporate, by the name and style of the
"Real Estate, Loan and Banking Company of Baltimore
City," and by that name have perpetual succession, and be
capable in law to acquire and hold and in any way dispose
of property, and to sue and be sued, plead and be impleaded
in any court whatever, to make and use a common seal, and
to alter same at pleasure, and generally to do everything
proper to carry into effect the provisions of this Act, or to
promote the objects and designs of the company hereby
incorporated.
SEC. 2. And be it enacted, That the principal office of the

Principal
office.

said corporation shall be located in the city of Baltimore,
State of Maryland.
SEC. 3. And be it enacted, That the capital stock of said

Capital stock.

company shall consist of five hundred shares at one hundred
dollars each, being fifty thousand dollars, with privilege to
increase the same from time to time up to the sum of two
hundred and fifty thousand dollars, by a three-fourths' vote of
the stockholders, at a special meeting to be called for that pur-
pose; and the incorporators or a majority of them named in this
Act shall have the power to open books for subscriptions at
such times and places as they may deem expedient; and when
said five hundred shares have been subscribed, and when
forty per cent, thereon has been paid in, the stockholders,
may elect not less than seven directors, nor more than
twelve, as the stockholders may determine, to serve until

Directors
elected.

the annual election, which shall be on the first Monday in
May next succeeding such election, 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 com-
pany all rights and privileges which are intended to be
hereby given; and should the capital stock be at any time
increased, the stockholders at the time of such increase
shall be entitled to a pro rata share of such increase upon
the payment of the par value of the same, or of such price
as the board of directors may fix by resolution; provided,
that said price shall not be fixed at less than par value of
said stock.