PRIVATE ACTS. 1451

tracts, matters and things as may be necessary to carry out the
object and purposes and to protect the interests of said body
corporate, and to exercise the power or powers by this Act con-
ferred upon it; the office of this corporation shall be located in
Baltimore, Maryland.

SEC. 2. And be it enacted, That the capital stock of said
body corporate shall consist of ten thousand shares of the par
value of ten dollars each, with the privilege to increase the
same from time to time by a vote of the stockholders, at a
special meeting or meetings to be called for the purpose, to a
sum not exceeding two million dollars; and the incorporators,
or a majority of them, named in this Act shall have power to
open books or subscriptions at such times and places in the
city of Baltimore or elsewhere as they may deem expedient, and
they shall have the power to compel all subscribers to said
stock to pay therefor at par, or at such sum above par as
they may decide; and when the par value or such sum above
par as may be agreed upon any share shall have been fully paid,
the same shall thereupon become non-assessable and non-liable
for or on account of any purpose whatsoever. The said body
corporate shall not, however, begin the prosecution of any busi-
ness under its charter until the whole of its said stock to the
amount of one hundred thousand dollars shall have been sub-
scribed and actually paid in cash, and shall have been invested
either in securities of the United States, of the State of Mary-
land, or of the city of Baltimore, and the same have been depos-
ited in the Treasury of this State as a guarantee for the pay-
ment of the policies of insurance issued by said company, as
prescribed by section 149 of article 23 of the Code of Public
General Laws of this State; and thereupon the stockholders
may elect not less than seven nor more than twenty-five direc-
tors from among themselves, to hold until the ensuing annual
meeting or until their successors shall have been duly elected
and qualified; and the directors when so elected of said com-
pany, when it shall have been organized, 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 privi-
leges which are intended to be hereby given; and should the
capital stock from time to time be increased, the stockholders
at the time of such increase or increases, shall be entitled to
subscribe to a pro rata share of such increase or increases,
upon the payment of such price at par or above par for said
stock as may be determined upon by a vote of the majority of
the stockholders of the said corporation at the time of such in-
crease or increases; and in case of the failure of any of the
stockholders to subscribe and pay for their pro rata share of