LLOYD LOWNDES, ESQUIRE, GOVERNOR.

167

thousand dollars, with the privilege to the said corporation to
increase the same from time to time to fifty thousand dollars,
in shares of the par value of one hundred dollars each, by a
rote of the stockholders at a special meeting called for that
purpose, and the incorporators named in this Act, or a majority
of them, shall have power to open books for subscriptions to
said stock at such times and places as they may deem expedient,
and subscriptions to the said capital stock may be paid in any
property necessary for the business of said corporation at valu-
ations determined by said incorporators, or a majority of them,
and when not less than one hundred shares of the said capital
stock have been subscribed, and when fifty dollars have been
paid in on each share so subscribed, the stockholders may
organize the said corporation and may elect five directors to
serve until the ensuing annual election, and until their succes-
sors have been duly elected and qualified ; and the directors so
elected 'may choose from their number a president and such
other officers of the said corporation as they may think neces-
sary, to serve until the ensuing annual election ; and the direct-
ors so elected shall have, and they are hereby empowered to
have and exercise in the name and behalf of the said corpora-
tion, all the rights and privileges which are intended to be
hereby given.

SEC. 3. And be it enacted. That the affairs of the corpora-
tion shall, from and after the first annual election, be managed

Capital stock.

by a board of directors consisting of not less than five and not
more than nine stockholders of the said corporation, who shall
be annually chosen by the stockholders, to serve for one year,
and until their successors shall be elected ; and the directors
shall annually choose from their own number, at their first
meeting after their election, a president, secretary and treasurer,
and such other officers of the corporation as they may deem
necessary ; if a vacancy occurs at any time in the directorship
or any other office of said corporation, the directors shall have
the power to till such vacancy until the next general meeting
of the stockholders; the board of directors shall have full
power to appoint all agents and servants of the corporation,
and to fix their compensation and term of service; that the
principal office of the said corporation shall be in Baltimore
city.
SEC. 4. Be it enacted, That the annual meeting of the

Managed by
a board of
directors.

stockholders for the election of directors and for such others
business as may properly come before them, shall be held on
the second Monday of April in each year ; at all meetings of

Annual meet-
ing of stock-
holders.