FRANK BROWN, ESQUIRE, GOVERNOR.

the next ensuing; annual election, or until their successors have
been duly elected and qualified; and the stockholders may
increase said capital stock to twenty-five thousand dollars, and
shall have the right to a pro rata share of such increase upon
the payment of the par value of the same; the stockholders
shall meet each year on the first Monday in May, or if pre-
vented from any cause from meeting on said date, then as soon
thereafter as practicable; and at each annual meeting they
shall elect from among their own number a board of directors
for the ensuing year; and said directors shall at their first
meeting after such annual election elect from among their own
number a president; and they shall have power to appoint 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.

SEC. 3. And be it enacted, That the said company is a

767

corporation for the purpose of carrying on a general merchan-
dising business, and shall have power to hold such real estate
as may be necessary, and to acquire and dispose of the same
by purchase, lease or otherwise, in the same manner as is done
by individuals; and the president and directors, or a majority
of them, shall have power to call for the payment of subscrip-
tions to the capital stock, as they may deem necessary; and

Objects of
corporation.

they may sue for and recover the amounts so called. And 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; and
the said president and directors shall have power to receive
subscriptions for the whole or any part of the capital stock
remaining unsubscribed, in such manner, and at such times, as
they may deem proper; to make and pay over to the stock-
holders, from time to time, dividends of the net profits of the
said company; to make rules, regulations and by-laws for the
government of said company and its agents and officers, and
to take such bonds from them, for the faithful performance of
their duty, as may be deemed necessary; to borrow money, if
needed by the company, and secure the same by mortgage on
its property, and to do and transact all other business proper,
incident or necessary to the objects of the company's incorpo-
ration; and the principal office of said company shall be in
Port Deposit, in Cecil county.

Corporate
powers.

SEC. 4. And be it enacted, That the stock of the company
shall be deemed personal estate, and all the effects and assets
of the company shall be liable for its debts; but the stock-

Liability for
debts.