336

LAWS OF MARYLAND.

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 the 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 capital stock of said

Capital stock

company shall consist of four thousand shares at fifty dollars
each, being two hundred thousand dollars, with the privilege
to increase the same from time to time to five hundred
thousand dollars, by a vote of the stockholders at a special
meeting or meeting to be called for that purpose; 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 as they may deem expedient, and when said four
thousand shares have been subscribed, and when fifty per
centum thereon has been paid in, the stockholders may elect
twelve directors to serve until the ensuing, the annual election,
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 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. 3. And be it enacted, That the directors shall be elected
annually by the stockholders, on the second Monday in Janu-
ary, and they shall elect from their number at the first meeting
of the board after their election, as prescribed by the second
section of this act, and after all subsequent elections, a presi-
dent and vice-president; and shall also have power to elect a
secretary and treasurer, 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
stockholder 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 twenty shares of
stock.

SEC. 4. And be it enacted, That ten days' notice shall be
given by publication in two daily newspapers in Baltimore