LLOYD LOWNDES, ESQUIRE, GOVERNOR.

tion at the time of such increase or increases; and in case of
the failure of any of the stockholders to subscribe and pay for
their pro rain share of said stock at the price named in said
resolution or resolutions, and within the time limited and fixed
under said resolution or resolutions, then the board of directors
shall have the power to sell said stock for cash to such persons
or corporations as they may see fit, not, however, under the
price fixed in said resolution or resolutions.
SEC. 3. And be it enacted, That the directors shall be elected

681

annually by the stockholders on the second Tuesday of Janu-
ury, and they shall elect from their number at the first meet-
ing of the board after their election, as prescribed by the
second section of this Act, and after all subsequent elections, a
president and such vice-presidents as they may see fit; and
shall also have power to elect a secretary or such assistant sec-
retaries and a treasurer or such assistant treasurers as they may
see fit, and said secretary and treasurer may be one person,
and to appoint and em ploy 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
meetings of stockholders every stockholder shall be entitled to
one vote for every share of stock held by him, but no person
shall be eligible as directors who is not a stockholder to the
amount of two shares of stock.

Election or
directors.

SEC. 4. And be it enacted, That said company shall have
power to receive and hold on deposit, in trust and as security,
any estate or property, real, personal and mixed, including cash
notes, bonds and obligations of States, companies, corporations
and individuals, and the same to purchase, collect, adjust, settle,
sell and dispose of, and upon such terms as may be agreed upon
between them and the parties contracting with them.
SEC. 5. And be it enacted, That the said company be and
it is hereby authorized to act as trustee under any mortgage or

Certain
power
given.

bond issued by any municipality, body politic or corporation,
and accept and execute any other municipal or corporate trust,
and to accept and execute trusts of any and every description
as fully as a natural person could, which may be committed or
transferred with its consent to it by any person or persons
whomsoever, bodies corporate or politic, or by any court in the
State of Maryland, in the United States, or in any one of the
United States, and to accept the office and appointment of
executor or administrators of any kind or nature, whenever
such office or appointment is conferred or made by any person
or persons, or by any orphans' court or other court, either of

Act as
trustee.