1482 LAWS OF MARYLAND.

body corporate, and to exercise the powers by this Act con-
ferred upon it.

SEC. 2. And be it enacted, That the capital stock of said
body corporate shall consist of one thousand shares of the
par value of twenty-five dollars each. The said body cor-
porate shall not, however, undertake the prosecution of its
business until the stock of the amount of fifteen thousand
dollars, which may be payable in such instalments as the
directors of said corporation may stipulate, shall have been
subscribed and at least fifty per cent, paid thereon, at which
time the stockholders may elect fifteen directors, or less num-
ber of directors, not less than seven, however, who shall serve
until the ensuing annual election, the time of which is to be
fixed by the constitution and by-laws to be adopted by said
body corporate, and directors so elected may and they ore
hereby authorized and empowered to have and to exercise in
the name and on behalf of the said body corporate all rights
and privileges which are intended to be hereby given, and they
shall, at the first meeting of the directors after their election,
and at their meeting immediately following all subsequent
elections, elect from their number a president and vice-presi-
dent or vice-presidents, and the said directors shall also have
the power to elect a cashier and to appoint and employ such
other officers, clerks and agents as the business of said body
corporate may from time to time require.

SEC. 3. And be it further enacted. That the said body cor-
porate be and it is hereby authorized to receive money on
deposit subject to check, or otherwise, and allow interest on
such deposits as it may see fit; to receive evidence of debt for
collection, chattels, stocks and all paper writing, on storage,
upon such terms as may be agreed upon; and said body cor-
porate shall also have the power, and is hereby authorized to
purchase and hold, bargain and sell, grant, assign, lease and
convey land or any interest or estate therein, chattels, choses
in action, checks, notes, bills of exchange, certificates of de-
posit, warehouse receipts, stocks, bonds, mortgages on real
or leasehold property, and any and every evidence of debt; to
advance money upon the security thereof by receiving and
holding the same or accepting mortgages thereon, and gener-
ally to deal in every and all description of properties, per-
sonal effects, securities, mortgages, land certificates of in-
debtedness, stocks of incorporated companies, loans on bonds
of the United States or of any State, county, or municipality,
or of any incorporated company or individual.

SEC. 4. And be it enacted, That said body corporate shall
have the right, from time to time, to increase its capital stock