802

LAWS OF MARYLAND.

mens of the par value of the same, and of such price in excess
of the par value as the Board of Directors may prescribe.
SEC. 3. And be it enacted, That the directors shall be

Directors
elected.

elected annually by the stockholders on the third Tuesday in
January in each year, and they shall elect from their number at
the first meeting of the board after their election, as prescribed
by the second section of this Act, 'and after all subsequent
elections a president and a vice-president or vice-presidents;
and that said directors shall also have power to elect a secretary
and treasurer, and to appoint and employ such other officers,
clerks and agents as the business of said company from time to
time may require, and shall have power to enact and adopt
euch rules and regulations and by-laws for the government and
management of the affairs of said corporation, as they may
deem advantageous to the interests thereof. 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 ; that no person shall be eligible as
director who is not a stockholder to the amount of twenty five
shares of stock.
SEC 4. And be it enacted, That ten days' notice shall be

Notice to
be given.

given by publication in two daily newspapers published in the
city of Baltimore of the time and place of said annual elec-
tion, and when a meeting shall be held in pursuance of such
notice it shall be organized, and its proceedings shall be con-
ducted as may be prescribed by the by-laws of the company.
SEC. 5. And be it enacted, That the directors shall have

Dividends
declared.

power to declare such dividends of profits of the said company
as may deem proper ; provided, that no dividend shall be
declared when the capital stock would be impaired thereby.
SEC. 6. And be it enacted, That the said corporation be and
it is hereby authorized and empowered to accept and execute,

Accept and
execute
trusts.

as fully as a natural person, trusts of any and every description
which may be committed or tranferred to it with its consent,
by any person or persons whomsoever, other than by last will,
bodies corporate or public, upon such terms as may be agreed
upon by and between the said corporation and said person,
natural or corporate, or by any court in the State of Maryland
(other than the Orphans' Court) or by the courts of the United
States, or of any of the States or Territory ; and in all cases
when application shall be made to any court of this State for
the appointment of any receiver, trustee or assignee, it shall
and may be lawful for such court to appoint the said corpora-
tion such receiver, trustee or assignee, and the accounts or said