194

LAWS OF MARYLAND.

Corporate
powers

SEC. 2. And be it enacted, That the said company, under
the above name and style, shall be capable in law to sue and be
sued, to plead and be impleaded, to answer and be answered
in any court of law or equity, to make and use a common seal,
and alter the same, and generally to do and perform all such
acts, and make all such agreements and contracts, and pur-
chase, lease, hold, use and possess such land, water-rights,
powers and privileges, tenements, goods and chattels as may
be necessary for collecting streams of water, elevating, pre-
serving, using and distributing the same, as the means of
abundantly supplying with pure water the public and private
houses, streets, squares, lanes, alleys and other places in the
village of Towson, and also in the ninth election district of
Baltimore county, and for properly disposing of the said
water, and such other powers as may be necessary to carry
into effect the purposes of this act.

SEC. 3. And be it enacted, That the capital stock of the

Capital stock.

said company shall consist of one thousand shares of twenty-
five dollars each, being twenty-five thousand dollars, with the
privilege to increase the same by a vote of the stockholders at
a special meeting to be called for that purpose, to fifty thous-
and dollars; and the corporators, or a majority of them named
in this act, shall have power to open books for subscription at
such time and places as they may deem expedient, and when
not less than three hundred shares have been subscribed, and
when fifty per centum thereon has been paid in, the stock-
holders may elect five directors, to serve until the ensuing
annual election, 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, and they
are hereby authorized and empowered to have and exercise, in
the name and behalf of the company, 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.

Board of
directors

SEC. 4. And le it enacted, That the directors shall 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 prescribed by
the third section of this act, and after all subsequent elections,
a president, and shall also have power to elect a secretary and
treasurer, and to appoint and employ such other officers, clerks