EDWIN WARFIELD, ESQ., GOVERNOR.

989

SEC. 4. And be it enacted, That the directors shall there-
after be elected annually by the stockholders on the first
Monday in May, and they shall elect from their number at
the first meeting of the board after their election, as pre-
scribed by the third section of this Act, and after all sub-
sequent elections, president, vice-president, second vice-
president and treasurer, and shall also have power to elect a
secretary, and to appoint and employ such other officers,
clerks and agents as the business of said company from time
to time requires. All elections shall be by ballot, and at
such elections and all meetings of stockholders, every stock-
holder shall be entitled to one vote for every 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 ten shares of
stock.
SEC. 5. And be it enacted. That ten days' notice shall be

CHAP. 508

Annual
election of
directors.

given of the time and place of holding said annual election
by publication in some newspaper in Baltimore city, which
election shall be conducted by three stockholders, previously
named by the board of directors, one of whom shall be
designated to act as judge, and the other two as inspectors ;
provided, that no director shall be selected or appointed for
either judge or inspector at such election.

SEC. 6. And be it enacted, That the directors shall have

Notice of elec-
tion given.

power to declare such dividends of the profits of said com-
pany as they may deem expedient, provided that no dividends
shall be declared where the capital stock would be impaired
thereby.
SEC. 7. And be it enacted, That the said company shall
have power to receive money on deposit, subject to check or

May declare
dividends of
profit.

otherwise; to act as agent for the purpose of issuing, register-
ing or countersigning certificates of stock, bonds or other
evidences of debt of any State corporation, association,
municipality or public authority, on such terms as may be
agreed upon; purchase, sell or issue bonds or mortgages
upon the security of real or personal estate in the State of
Maryland or elsewhere; to discount notes and other com-
mercial paper; to loan and borrow money upon mortgages;
to loan money upon real or personal securities; to loan money
and make advances secured by mortgages to be paid upon
such terms as may be approved by said corporation; to loan
and borrow money for any of the corporate purposes of said

To receive
money on
deposits, etc.