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LAWS OF MARYLAND.

Directors
appointed.

SEC. 4. And be it enacted, That Marion deKalb Smith,
Henry I. Lobe, Harrison Cassard, Isaac L. Straus and Leopold
J. Stern 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 organize by the election
of a president and such other directors or officers as in their
judgment may be to them necessary for the proper manage-
ment of the affairs of said company.

Term of
office.

SEC 5. And be it enacted, That the president and directors
thus appointed and elected shall serve for one year from tho
date of this Act or until their successors shall be elected ; and
a general meeting of the stockholders shall be held, annually,
on the second Monday in April, at which meeting a board of
seven directors shall be elected by the stockholders in said cor-
poration by ballot to manage the affairs of said company, which
directors shall all be stockholders, in said corporation, and shall
have power to elect a president from among their number, and
in said election for directors and all other elections by the stock-
holders of said company each shareholder shall have or 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 directors so elected shall serve for one year, or until their suc-
cessors shall be elected ; and other meetings of the stockholders
may be called by the president and directors, or a majority of
them, according to such rules as may be adopted by the by-
laws of said company, and the board of directors may meet as
often as may be necessary for the transaction of the business
of the company. Ten days' notice shall be given by publica-
tion in two daily newspapers published in the city of Baltimore,
of the time and place of the general annual meeting of the
stockholders and of the election of directors of the same as
above referred to.

Dividends
declared.

SEC. 6. And be it enacted, That the directors shall have
power to declare such dividends out of the profits of said com-
pany as they may deem proper ; provided, that no dividends
shall be declared when the capital stock shall be imperiled
thereby. The directors shall also have power to require pay-
ment from each and every stockholder of the amounts remain-
ing unpaid on the stock of the company held by such stock-
holders at such times as they may think proper.

Have and
enjoy
general
powers, etc.

SEC. 7. And be it enacted, That the said company shall
have and enjoy all the general powers, provisions and privi-
leges, and be subject to the general regulations contained in
Article 23 of the Code of Public General Laws of Maryland,