982

LAWS OF MARYLAND.

to a pro rata share of such increase upon the payment of the
par value of the same, and of such price in excess of the par
value as the Board of Directors may prescribe ; provided, how-
ever, that the said corporation shall not exercise the powers
conferred by the subsequent sections of this Act, until at least
three thousand shares have been subscribed for and fully
paid in.
SEC. 3. And be it enacted, That the directors shall be

Election of
directors.

elected annually by the stockholders on the second Tuesday in
January in each year, and they shall elect from their number,
at the first meeting of the board after their election, as pre-
scribed by the second section of this Act, and after all subse-
quent elections, a president and vice-president or vice-presidents;
and the said directors shall also have power to elect a secretary
and a treasurer, and to appoint and employ such other officers,
clerks and agents as the business of said company from time
may require ; all elections shall be by ballot, and at such elec-
tions 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 stock-
holder 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 they 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 president, vice-president

Certain
powers
granted.

and directors of the corporation hereby created, shall have
power to enact and adopt such rules, regulations and by-laws
for the government and management of the affairs of said cor-
poration as they may deem advantageous to the interests thereof,
not inconsistent with the laws of this State.
SEC. 7. And be it enacted, That the said corporation be and

Accept and
execute
trusts.

it is hereby authorized and empowered to accept and execute
as fully as a natural person, trusts of any and every descrip-
tion which may be committed or transferred to it, with its con-
sent, by any person or persons whomsoever, 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