1376 LAWS OF MARYLAND.

of the par value of twenty-five dollars ($25) each, being one
hundred thousand dollars ($ 100,000), with the privilege to
increase the same, from time to time, up to one million dollars
($1,000,000), by a majority vote of all the stock at a special
meeting to be called for that purpose; and the incorporators,
or a majority of them named in this Act, shall have power to
open books for subscription to the capital stock of the com-
pany, at such times and places, in Centreville, Queen Anne's
County, or elsewhere, as they may deem expedient, and they
shall have authority to offer said stock for subscription at par,
or at such sum above par as they may decide, and when said
four thousand (4,000) shares shall have been subscribed, and
when fifty per cent. (50%) thereon has been paid in, the
stockholders may elect twenty-five directors from among them-
selves, or a less number of directors, not less than eleven, how-
ever, to serve until the ensuing annual election, or until their
successors have been duly elected and qualified; and the direc-
tors so elected of said company when it shall have been organ-
ized may, and they are hereby authorized and empowered to
have and to exercise in the name and on behalf of the company,
all rights and privileges which are intended to be hereby given ;
and should the capital stock, from time to time, or at any time
or times, be increased, the stockholders at the time of such
increase shall be entitled to subscribe to a pro rata share of
such increase, upon the payment of the par value of said stock
or of such price in excess of the par value as may be deter-
mined upon by a majority of the stockholders of said company
at the time of such increase, and in case of the failure of any
of the stockholders to subscribe and pay for their pro rata
share of said stock at the price named in any resolution or
resolutions passed by the stockholders, and within the time
limited and fixed therein, then the board of directors shall
have the power to sell said stock, payable in instalments, to
such persons as they may see fit, not, however, under the price
fixed in said resolution or resolutions

SEC. 3. And be it further enacted, That the directors of
said company shall be elected annually by the stockholders on
the second Tuesday in January in each year, and they shall
elect from their number, at the first meeting of the board
after their election, as prescribed in the second section of
this Act, and after all subsequent elections, a president and
two or more vice-presidents and an executive committee, to
be composed of five or more members of the board, of which
'the president shall be a member ex-officio; and said directors
shall have power to elect a secretary and a treasurer, which
offices may be held by one person, and such assistant secre-
taries and treasurers as may be necessary, which offices may