1454 LAWS OF MARYLAND.

at its pleasure; and to make and draft a constitution and by-
laws for the government of said corporation and its officers,
agents and employes, and from time to time to amend the
same; provided such constitution, by-laws or amendments
thereto shall not conflict with the Constitution and laws of this
State or of the United States; to elect or appoint directors,
officers and agents, and generally to do, execute and enforce all
and singular such acts, contracts, matters and things, as may
be necessary to carry out the objects and purposes and to pro-
mote the interests of said body corporate, and to exercise the
power or powers by this Act conferred upon it: and for that
purpose shall have to establish and maintain a house and
branch offices or places of business in Easton, Talbot county,
Maryland, and elsewhere.

SEC. 3. 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; and said body corporate shall have
the right to increase its capital stock from time to time by a
vote of the majority of the stock of the stockholders, at a
special meeting or meetings, called and held for that purpose,
to any sum or sums not exceeding one hundred thousand shares
of a par value of ten dollars each, or one million dollars, the
said body corporate shall not,, however, begin the prosecution
of any business under its charter until said stock to the
amount of one hundred thousand dollars, which may be paya-
ble in such instalments and at such times as the directors of
said corporation may determine, shall have been subscribed to,
one-fifth of said sum of one hundred thousand dollars be
actually paid in, and the remaining four-fifths secured to
be paid.

SEC. 4. And be it enacted, That the above named incorpora-
tors, or a majority of them, shall have power to open books
for subscription at such times and places as they may deem
expedient, and when not less than ten thousand shares have
been subscribed and not less than one dollar per share actually
paid thereon the stockholders may elect a board of directors or
managers to serve until the ensuing annual election, or until
their successors have been duly elected and qualified; and the
directors of said body corporate so elected may and they are
hereby authorized and empowered to have and to exercise in
the name and behalf of the corporation all rights, 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 a pro rata share of such
increase upon the payment of the par value of the same, and of