PRIVATE ACTS. 1295

SEC. 2. And be it enacted, That the principal office of said
corporation shall be located in Carroll county, State of Mary-
land.

SEC. 3. And be it enacted, That the capital stock of said
company shall consist of two thousand five hundred (2,500)
shares at ten dollars ($ 10.00) each, being twenty-five thou-
sand dollars ($25;000), with the privilege to increase the same
up to the sum of two hundred and fifty thousand dollars
($250,000) by a vote of the stockholders at a special meeting
to be called for that purpose; and the incorporators, or a ma-
jority of them, named in this Act, shall have power to open
books for subscription at such time and places as they may
deem expedient, and when fifty per centum thereon has been
paid in, the stockholders may elect five directors, to serve until
the annual election in the year 1911, 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 behalf of the company, all
rights and privileges which are intended to be hereby given;
and should the capital stock be at any time 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 the directors shall there-
after be elected annually by the stockholders, on the first Mon-
day in May; and they shall elect from their number, at the first
meeting of the board after their election, as prescribed by the
third section of this Act, and after all subsequent elections,
president, vice-president and treasurer; and shall have power
to elect a secretary, and to appoint any employee, or 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 stockholders, every stock-
holder shall be entitled to the 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 of at least ten shares.

SEC. 5. And be it enacted, That ten days' notice shall be
given by publication in some newspaper published in Carroll
county 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
to act. as jndge, and the other two as inspectors.

SEC. 6. And be it enacted, That the directors shall have
power to declare such dividend 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.