LLOYD LOWNDES, ESQUIRE, GOVERNOR.

other place ; to receive and make all checks, transfers, contracts
and conveyances whatsoever; to have and use a common seal,
and the same to change, alter and renew at pleasure ; and gen-
erally to do every other act or thing necessary to carry into
effect the provisions of this Act, or to promote the object or
designs of said corporation.
SEC. 2. And be it enacted, That the capital stock of the said

1080

corporation intended to be created by this Act shall be fifty
thousand dollars, in shares of fifty dollars each, fully paid up ;
and privilege is hereby given to said corporation to increase
said capital stock as it may seem tit, from time to time, np to
nine hundred thousand dollars, whenever it shall be determined
by a vote of two-thirds of the stock of said company repre-
sented at such meetings as are specifically called for that pur-
pose.

Capital stock.

SEC. 3. And be it enacted, That the affairs of said corpora-
tion may be managed by not more than eighteen or less than
seven directors, (as may be set forth in the by-laws,) a majority
of whom shall be residents of Baltimore city, and one of whom
shall be president and one vice-president ; the term of service
of director shall continue for one year, or until their successors
are elected and qualify ; the directors thereafter shall be elected
annually from among the stockholders, at such time and place
and in such a manner as the by-laws of this corporation may
direct ; the directors for the time being, or a majority of them,
shall have the power to elect a president and a vice-president
from among their own body ; to fill all vacancies that may
occur among the directors, presidency or vice-presidency ; to
appoint all officers, agents and servants that they may deem
necessary to conduct or execute the business of said corpora-
tion ; to fix their compensation, and in their discretion to dis-
miss them ; to take bonds for and in the name of the corpora-
tion, from any or all of its officers, agents or servants by them
appointed, with security conditioned in such form as they shall
approve, for the faithful discharge of the duties of such officers,
agents or servants, to secure the said corporation from loss; to
invest the funds of the corporation, and to do such other lawful
acts of the corporation touching the same as they may deem
beneficial and proper ; to pass all such by-laws as may be nec-
essary for the exercise of the aforesaid powers, or any other
powers invested by this Act in said corporation, and to alter
and repeal the said by-laws ; provided, that all such by-laws
may be altered and repealed by a majority of the stockholders
at any annual or general meeting called in pursuance of the pro-

69

Managed by
a board lot
directors.