LLOYD LOWNDES, ESQUIRE, GOVERNOR.

tion at such times and places as they may deem expedient, and
when said five 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 annual elec-
tion, or until their successors have been duly elected and quali-
fied ; and the directors so elected of said company, when it
shall have been organized, may and they are hereby author-
ized and empowered to have and to exercise in the name and
in behalf of said company, all the rights and privileges which
are intended to be hereby given; and the stockholders shall have
the right by vote at a general or special meeting called there-
for, to increase the number of directors from twelve to a num-
ber not exceeding-twenty-four.

SEC. 3. And be it further enacted, That the directors shall

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be elected annually by the stockholders on the second Monday
in January, 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 president and vice-president, with power to elect a second
vice-president whenever said directors shall consider the same
expedient or proper; and shall also have power to elect a sec-
retary and treasurer, who need not be of their number, and one
person may hold both offices ; and they shall also have power
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 meet-
ings of stockholders, every stockholder shall be entitled to one
vote for every share of stuck 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 further enacted, That ten days' notice

Election to
be held.

shall be given by publication in two daily newspapers in Balti-
more city of the time and place of said annual election, which
election shall be conducted by three stockholders to be named
by the directors from the body of stockholders, one of whom
shall be designated to act as judge, and the other two as inspec-
tors.

Notice of
election
given.

SEC. 5. And be it further enacted, That the directors shall
have power to declare such dividends of the profits of the said
company as they may deem proper ; provided, that no dividend
shall be declared where the capital stock would be impaired
thereby.
SEC. 6. And be it further enacted, That said company shall
have power to receive money on deposit, to act as agent for the

Dividends
declared.