352

LAWS OF MARYLAND.

CHAPTER 266.

AN ACT to incorporate the Union Trust and Surety Com-
pany of Maryland.

A body cor-
porate.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That James O. Bates, Daniel C. Ammidon, John
M. Adams, George N. Lochner, Henry King and Arthur M.
Easter, and the subscribers to the stock of the corporation
hereby created, and their successors and assigns, be and they
are hereby created a body corporate by the name of the Union
Trust and Surety Company of Maryland, and by that name
shall have perpetual succession and shall be competent to sue
and be sued in any court of law or equity whatever, to have
and use a common seal and alter the same at its pleasure, and
to make and adopt a constitution and by-laws for the govern-
ment of said body corporate and its officers.

Board of
directors

SEC.2. And be it enacted, That James O. Bates, Daniel C.
Ammidon, John M. Adams, George N. Lochner, Henry King
and Arthur M. Easter, be and they are hereby constituted and
appointed the directors of said corporation, and they shall
have power, at any time after the passage of this act, to elect
additional directors up to twenty-five, as they may deem best,
and to organize by the election of a president and such other
officers as in their judgment may be necessary for the proper
management of the affairs of said company.

Term of
office

SEC. 3. And be it enacted, That the president and directors,
thus appointed or elected, shall serve for one year from the
passage of this act, and until their successors shall be elected
and qualified, and to continue the succession of said corpora-
tion, a general election of the stockholders shall be held annu-
ally, on the second Monday in April, at which meeting a board

Officers.

of twenty- five directors, who shall serve for one year, or until
their successors shall be elected and qualified; and they shall
elect from their number a president and vice-president, and
shall also have power to elect a secretary and treasurer, and to
appoint and employ such officers, clerks and agents as the
business of said company, from time to time, requires; all
elections to be by ballot, each share of stock being entitled to
one vote; but no person shall be eligible as director who shall
not hold five shares of stock; and said directors so elected of
said company, when it shall have been organized, may and
they are hereby authorized and empowered to have and to