1460 LAWS OF MARYLAND.

Vinsinger and James C. McCauley, all citizens of the State of
Maryland, and all other persons who shall hereafter become
stockholders in the company hereby incorporated, shall be a
body corporate by the name and style of the Elkton Banking
and Trust Company of Maryland, and by that name shall have
perpetual succession and sue and be sued in any court of law
or equity -whatsoever; and have and use a common seal and to
alter the same at its pleasure, and to make and adopt a con-
stitution and by-laws for the government of said body cor-
porate and its officers, agents and employes and from time to
time to amend the same.

SEC. 2. And be it enacted, That the capital stock of said com-
pany shall consist of one thousand shares of the par value of
fifty 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 that purpose, to a sum not ex-
ceeding four thousand shares; and the incorporators, or a
majority of them named in this Act, shall have power to open
books of subscription at such times and places as they may
deem expedient, and they shall have power to compel all sub-
scribers to said stock to subscribe nnd pay therefor, at par, or
at such sum above par as they may decide, and when three-
fourths of the number of shares shall have been subscribed and
when fifty per centum thereon has been paid in the stock-
holders may elect not less than seven nor more than twenty-
five directors from among themselves to serve until the en-
suing annual election, or until their successors have been duly
elected and qualified; and the directors so elected of said com-
pany when it shall have been organized, may and they are
hereby authorized to have and to exercise in the name and on
behalf of the company all rights and privileges which are in-
tended to be hereby given, and should the capital stock from
time to time or at any time or times be increased, the stork-
holders at the time of such increase or increases shall be enti-
tled to subscribe 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 a majority
of the stockholders of said corporation at the time of such
increase or increases; and in case of the failure of any of the
stockholders to subscribe and pay for their pro rata share
of said stock at the price named in said resolution or resolu-
tions and within the time limited and fixed under said resolu-
tion or resolutions, then the board of directors shall have the
power to sell said stock for cash to such persons or corpora-
tions as they may see fit, not, however, under the price fixed in
said resolution or resolutions.