1292 LAWS OF MARYLAND.

tricai property, franchises, rights and business, as aforesaid,
of the Baltimore County Water and Electric Company of Bal-
timore County, which said stocks, bonds or other securities in
such event the said the Baltimore County Water and Electric
Company of Baltimore County shall and the same is hereby
authorized and empowered to accept, hold, own, sell, enjoy
and otherwise dispose of.

SEC. 2. And be it enacted, That the capital stock of said
company shall consist of fifty thousand dollars, divided into
one thousand shares, of the par value of fifty dollars each,
which capital stock may be increased or decreased from time
to time in the manner now provided by law for increasing and
decreasing the capital stock of corporations, incorporated un-
der Article 23 of the Code of Public General Laws of the State
of Maryland, or amendments, or additions thereto, and the
incorporators named in this Act, or a majority of them, shall
have power to open, or cause to be opened, books for the pur-
pose of receiving subscriptions to the capital stock of said
company at such times and places as they may deem expe-
dient, and when all of said stock herein provided for shall
have been subscribed for, said incorporators, or a majority of
them, shall call a general meeting of such subscribers to be
held at such time and place as they may appoint, at least five
days previous to the date of such meeting, by written notice
mailed to the last known address of each of such subscribers,
and at such meeting said incorporators, or a majority of them,
shall lay the subscription books before the subscibers then and
there present, whereupon said subscribers, or a majority of
them, who may represent a majority of the stock so sub-
scribed for, shall elect by ballot nine directors to manage and
control the affairs, interests and property of said company,
and until such election of directors, as heretofore provided,
said incoropators shall be the directors of said company, with
full power and authority to act as such.

SEC. 3. And be it enacted. That the board of directors of
said company shall, at any time after the first election thereof,
be composed of not more than nine and not less than five mem-
bers, as the by-laws of the company may from time to time
determine and provide for, which said board of directors shall
be elected annually, to serve for one year, or until the election
of their successors, in the same manner in every respect and
with such powers and duties as is provided under the General
Incorporation Laws of the State of Maryland.

SEC. 4. And be it enacted, That the principal office of the
said company shall be in Baltimore county, and that all gen-
eral and special meetings of the stockholders shall be held
within the State of Maryland at such times, in such manner