1174

LAWS OF MARYLAND.

Term of
office.

SEC. 3. And, be it enacted, That the president and directors
thus appointed or elected shall serve for one year from the
passage of this Act, and until their successors shall be elected
and qualified, and to continue the succession of said corpora-
tion. A general election of stockholders shall be held annually
on the second Monday in April, at which meeting a board of
twenty-five directors who shall serve for one year, or until their
successors shall be elected and qualified ; and they shall elect
from their number a president and vice-president, and shall
also have power to elect a secretary and treasurer, and to
appoint and employ such officers, clerks and agents, as the
business of said company, from time to time, requires ; all
elections to be by ballot, each share of stock being entitled to
one vote, but no person shall be eligible as director who shall
not hold five shares of stock, and eaid directors so elected of
said company, when it shall have been organized may, and
they are hereby authorized and empowered to have and to
exercise in the name and on behalf of said company, all rights
and privileges which are hereby given, and to generally do,
execute and enforce, all and singular such acts, contracts,
matters and things as may be necessary to carry out the object
and protect the interests of said body corporate.
SEC. 4. And be it enacted, That the capital stock of said

Capital stock

company shall consist of ten thousand shares of the par value
of fifty dollars each, and when the amount of two hundred
thousand dollars shall have been subscribed and fully paid in,
the said corporation shall be entitled to all the powers, privi-
leges and franchises conferred by this Act, and should the
capital stock at any time be increased, the stockholders at the
time of such increase shall be entitled to a pro rata share of
such increase, upon the payment of the value of the same.

Dividends
declared.

SEC. 5. And be it enacted, That the directors aforesaid, shall
have power to declare such dividends of profit of the said com-
pany as they may deem proper; provided, that no dividends
shall be declared when the capital stock would be impaired
thereby.

Capital stock
to be in-
vested.

SEC. 6. And be it enacted, That the capital stock of said
company shall be invested in bonds and mortgages, upon fee
simple or leasehold estate, or in securities or bonds of the
United States, or in stocks, securities or bonds of States, or of
incorporated cities or railroads, or in such real estate as may be
required for the use of the company in the erection of a suit-
able building in which to carry on its business, in the discretion
of the said company.