FRANK BROWN, ESQUIRE, GOVERNOR.

659

SEC. 2. And be it enacted, That the capital stock of said
corporation shall be five hundred thousand dollars ($500,000),
divided into fifty thousand (50,000) shares of ten dollars ($10)
each, which said capital stock may be increased by the direc-
tors, to be elected as hereinafter provided for, to an amount
not exceeding one million dollars ($1,000,000).

Capital stock.

SEC. 3. And be it enacted, That the persons hereinbefore
named as incorporators, or a majority of them, or if any one
of them refuses to act, then a majority of the remainder, may
cause books to be opened, at such times and places, in the city
of Baltimore, as they may elect, in which city their principal
office shall be located; and that when one thousand or more
shares of said stock shall have been subscribed, said incorpo-
rators, or a majority of them, and in case any of them refuse
to act, then a majority of the remainder, shall call a general
meeting of the subscribers, at such time and place as they
may appoint, after giving ten days' notice of such meeting by
three insertions in two of the daily newspapers in said city ;
and at such meeting, said incorporators, or a majority of them,
or in case any of them refuse to act, then a majority of the
remainder, shall lay the subscription books before subscribers,
then and there present, whereupon the subscribers, or a
majority of them, who may represent a majority of the stock

Subscriptions
to stock.

so subscribed, shall elect, by ballot, twenty or more directors,
but not exceeding fifty, who shall be stockholders in said
corporation, to manage the affairs of said corporation, which
directors, or a majority of them, shall have power to elect a
president from among the directors; and in the event of the
death, resignation, removal or other disqualification of any of

Directors.

the directors, during the term for which they were elected, the
remaining directors shall fill the vacancies thus accruing for
the remainder of the term; and in said election, and in all
other elections by the stockholders of said company, each
shareholder shall be allowed one vote for every share owned

by him or her, and every stockholder may vote, either in
person or by proxy; and the said corporators, or a majority of
them, or in case any of them refuse to act, then H majority of
the remainder, shall be the judges of the first election of
directors; and until the first election of directors, as herein
provided for, the said incorporators, or in case any of them
refuse to act, the remainder, shall be the directors of said
corporation, with full power to act as such.

SEC. 4. And be it enacted, That the directors elected at the
first meeting of said stockholders shall serve until the second

Vacancies.