PRIVATE ACTS. 1473

corporators, or a majority of them, named in this Act, shall
have power to open books for subscription at such times and
places as they may deem expedient, and when said five thou-
sand shares have been subscribed, and when forty per cent,
thereon has been paid in, the stockholders may elect not less
than fifteen directors nor more than twenty-five, as the stock-
holders may determine, to serve until the annual election in
May, in the year nineteen hundred and nine, and the directors
so elected of said company when it shall have been organized
may and they are hereby authorized and empowered to have
and to exercise, in the name and in the behalf of the company,
all rights and privileges which are intended to be hereby given;
and should the capital stock at any time be increased, the stock-
holders 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.

SEC. 4. And be it enacted, That directors shall thereafter be
elected annually by the stockholders, on the first Monday in
May, and they elect from their number at the meeting of the
board after their election, as prescribed by the third section of
this Act, and after all subsequent elections, president, first
vice-president, second vice-president, and treasurer, and shall
also have power to elect a secretary, and to appoint and em-
ploy such other officers, clerks and agents as the business of
said company, from time to time, requires; all elections shall
be by ballot and at such election and all meetings of stock-
holders, every stockholder shall be entitled to one vote for every
share of stock held by him, but no person shall be eligible as
director who is not a stockholder to the amount at least of
fifty shares of stock.

SEC. 5. And be it enacted, That ten days' notice shall be
given by publication in some newspaper published in Balti-
more city, of the time and place of said annual election, which
election shall be conducted by three stockholders, to be named
from the body of stockholders, one of whom shall be designated
fo act as judge and the other two as inspectors.

SEC. 6. And be it enacted, That the directors shall have
power to declare such dividends of the profits of said company
as they may deem proper; provided, that no dividend shall be
declared where the capital stock would be impaired thereby.

SEC. 7. And be it further enacted, That said company shall
have power to receive money on deposit, to act as agent for the
purpose of issuing, registering or countersigning certificates of
stock, bonds or other evidence of debt of any State, corpora-
tion, association, municipality or public authority, on such