LLOYD LOWNDES, ESQUIRE, GOVERNOR.

conduct the affairs of this company, and shall have power to
alter and amend the same.
SEC. 14. And be it enacted, That Meshack Mattingly, Edward

801

Margroff, H. R. DeWitt, William Frazee, Joel Orendorff,
Frederick Kamp, William Callis, John George, Eli Brown and
William M. Lohr shall constitute the first board of directors,
and shall serve until their successors are elected and qualified
as prescribed by this charter.

Board of
directors.

SEC. 15. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 9, 1898.

CHAPTER 263.
AN ACT to incorporate the Mortgage and Trust Company,

Effective.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Telfair W. Marriott, J. Milton Lyell, Clarence B.
Marriott, John J. Keller and S. E. Marriott and their associates
successors and assigns, and all other persons who may hereafter
become stockholders in the company hereby incorporated, shall
be a body corporate by the name and style of Mortgage and
Trust Company, and by that name shall have perpetual succes-
sion, and sue and be sued in any court whatever.

SEC. 2. And be it enacted, That the capital stock of said

Body
corporate.

company shall consist of two thousand shares at one hundred'
dollars each, being two hundred thousand dollars, with the
privilege to increase the same from time to time, by a majority
vote of all the stock at any special meeting or meetings to be
called for that purpose, to any amount not exceeding in all fire
million of dollars, and the above named incorporators, or a
majority of them, shall have power to open books for subscrip-
tion at such times and places as they may deem expedient, and
when not less than two thousand shares have been subscribed
and fully paid for in full in current money of the United
States, the stockholders may elect seven or more directors to
serve until the ensuing annual election or until their successors
have been duly elected and qualified ; and the directors of paid
company so elected may and they are hereby authorized and
empowered to have and to exercise in the name and on behalf
of the company all rights and privileges which are intended to
be hereby given, and should the capital stock be at any time
increased, the stockholders at the time of such increase, shall
be entitled to a pro rata share of such increase upon the pay-

51

Capital
stock.