130

LAWS OF MARYLAND,

rent of said produce, from all the important mar-
kets, and that the said corporation shall have per-
petual succession, with powers to sue and be sued,
to make and use a common seal, and alter the same
at pleasure.

May purchase,
lease, &c.

Sec. 2. And be it enacted, That said corporation
shall have power in and by their corporate name
to purchase, lease, hold, convey and mortgage real
or leasehold estate, in the city of Baltimore, and
to erect thereon a building suitable for the purpose
of a Corn and Flour Exchange, and such other
purposes as may, in the opinion of a majority of
the subscribers or stockholders of said corporation,
tend to carry out the design of such institution and
promote the convenient transaction of the business
between farmers and dealers in grain, flour and
provisions in the city of Baltimore; and when said
building shall have been leased or erected they
shall have power to lease or sub-lease the same,
and receive the rents and profits thereof, and di-
vide the same among the stockholders.

Capital stock.

Sec. 3. And be it enacted, That the capital
stock of said corporation shall consist of not less
than one thousand dollars, with liberty to increase
the same when a majority of the stockholders or
subscribers shall so determine, to any amount not
exceeding one hundred thousand dollars; the said
capital shall be divided into shares of ten dollars
each, and the same shall be deemed personal pro-
perty, and shall be transferable in such manner as
the by-laws of such corporation may direct, the
said corporation may commence business, and shall
be deemed fully organized when one thousand dol-
lars shall have been fully subscribed and paid in.

Affairs— how
managed and
conducted.

Sec. 4. And be it enacted, That all the affairs,
concerns and business of such corporation shall be
managed and conducted by and under the direc-
tion of fifteen directors, who shall be stockholders
or subscribers, and shall be transacting business
in the city of Baltimore, and who shall be known
to have a place of business in the city of Baltimore,
and who shall be citizens of the State of Maryland,
and who shall be elected by the stockholders or
subscribers annually on the first Monday in Jan-
uary. in each year, by ballot, by plurality of the
votes of the subscribers or stockholders present,