LLOYD LOWNDES, ESQUIRE, GOVERNOR.

and use a common seal, and generally to do, execute and enforce
all and singular such acts, contracts, matters and tilings that
may be necessary to carry out and promote the objects and
designs of the company hereby incorporated.
SEC. 2. And be it enacted, That the capital stock of said

895

company shall consist of two thousand (2,000) shares at fifty
($50) dollars each, being one hundred thousand ($100,000) dol-
lars, with the privilege to increase the same from time to time
to two million ($2,000,000) dollars by a majority vote of the
stockholders at a special meeting or meetings to be called for
that purpose. And the incorporators, or the majority of them,
named in this Act, shall have power to open books for sub-
scription at such time and place as they may deem expedient,
and when said two thousand (2,000) shares shall have been
subscribed, and when fifty (50) per cent, thereon has been paid
in, the stockholders may elect directors to the number of
twenty tive, to serve until the ensuing, the annual election, or
until their successors have been duly elected and qualified.
And the 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 in
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 & pro rata share of such increase
upon the payment of the par value of the same.
SEC. 3. And be it enacted, That the directors shall be elected
annually by the stockholders, on the second Monday of April,
and they shall elect from their number at the first meeting of

Capital stock.

the board after their election, and after all subsequent elections,
a president and one or more vice-presidents, and shall also have
power to elect a secretary and treasurer, and to appoint and
employ such other officers and agents as the business of said
corporation from time to time requires ; all elections shall be
by ballot, each share of stock being entitled to one vote, and
at such elections and at 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 director
who is not a stockholder to the amount of ten (10) shares of
stock.

Election ot
directors.

SEC. 4. And be it further enacted, That ten (10) days',
notice shall be given by publication in one or more newspapers
published in Baltimore city of the time and place of said annual
election, which annual election shall be conducted by three

Ten days'
notice given.