PRIVATE ACTS. 1417

porators, or a majority of them named in this Act, shall have
power to open books for subscriptions at such times and places
as they may deem expedient, and when a majority of such
shares shall have been subscribed and paid in, the directors
hereinbefore named shall organize said company and shall elect
from their number a president, first vice-president, second vice-
president, and shall also elect a secretary and treasurer, who
need not be of their number, and who may be separate per-
sons or the same person, and to appoint and employ such
other officers, clerks and agents as the business of said com-
pany may, from time to time, require; and the directors above
named 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
the stockholders shall have the right, by vote at a general or
special meeting called for that purpose, to change the number
of directors to any number not less than ten and not exceeding
twenty-two. All elections shall be by ballot, and at all elec-
tions by the stockholders every stockholder shall be entitled to
one vote for every share of stock held by him; but no person
shall be eligible as a director who is not a stockholder to the
amount of at least ten shares of stock. The annual meeting of
stockholders shall be held at the office of the company in Hag-
erstown, Maryland, on the first Tuesday after the first Monday
of January in each year.

SEC. 3. And be it enacted, That the directors shall have the
power to declare such dividends out of the profits of said
company as they may deem proper, provided that no dividend
shall be declared when the capital stock would be impaired
thereby.

SEC. 4. And be it enacted, That said company shall have
power to act as agent for the purpose of issuing, registering
or countersigning certificates of stock, bonds or other evidences
of debt of any State, corporation, association, municipality or
public authority on such terms as may be agreed upon; to re-
ceive upon storage, deposit or otherwise merchandise, specie,
plate, bullion, stock, promissory notes, certificates and eviden-
ces of debt, contracts and all other personal property; that in
all cases in which public officers or municipal or private cor-
porations are authorized to deposit money, stocks, bonds or
evidences of debt, such deposits by said officers or corporations
may be made with said company, on such terms as may be
agreed on.

SEC. 5. And be it enacted, That said company is hereby au-
thorized to accept and execute trusts of any and every descrip-
tion which may be committed or transferred with its con-