PRIVATE ACTS. 1217

and they are hereby authorized and empowered to have and
exercise in the name and on behalf of said company, all the
rights and privileges which are hereby conferred on said body
corporate; and should the capital stock at any time be in-
creased, the stockholders at the time of such increase shall be
entitled to a pro rata share of such increase upon paying the
price theretofore determined upon at such stockholders' meeting
at which said stock shall be sold.

SEC. 7. And be it enacted, That the affairs of said corpora-
tion shall be managed by a board of directors as provided for
in Section six (6) of this Act, to be chosen annually by the
stockholders and to serve for one year, or until their successors
are chosen; and said board of directors, immediately after their
election, for the purpose of organization shall elect a president,
a secretary and a treasurer, and, if the by-laws provide, one or
more vice-presidents; the president and at least one of the
vice-presidents shall be chosen from among the directors; the
treasurer and secretary need not be directors of the company;
and any two offices except those of president and vice-president
may be filled by the same person; and that until such choice
of a board of directors, the said Daniel Baker, Henry M.
Speicher, Simon H. Snowden, Hewitt Reynolds and George A.
Siebert, or a majority of them, shall have full power and
authority to exercise all of the corporate powers of said cor-
poration ; and the president of said company, with the consent
of the board of directors, or a majority of them, shall have full
power and authority to appoint, employ and compensate, and
at his discretion to remove such officers, agents or servants, as
he may deem necessary for the proper transaction of the
business of said corporation; and in case a vacancy shall occur
in the presidency or directorship of said corporation, the
remaining directors shall have power to fill such vacancy or
vacancies by appointing some stockholder to such office, with
power to hold the same until the next annual meeting of the
stockholders for the choice of directors.

SEC. 8. And be it enacted, That said corporation, before
proceeding to exercise any of the powers and franchises herein
granted, shall file with the State Tax Commissioner of the
State of Maryland a certified copy of this Act, and pay to the
Treasurer thereof the bonus tax, as now required by law, upon
the amount of capital stock which said corporation is author-
ized to have, and a like bonus tax upon the amount of any
subsequent increase of capital stock which said company is
authorized to issue; the bonus tax upon any increase of the
capital stock shall be due and payable immediately after the
passage of any resolution by the stockholders of the company