244

LAWS OF MARYLAND.

and it may be lawful for all persons and bodies
corporate and politic whatsoever to become sub-

Provi»,

scribers for and owners of the capital stock of said
company; provided, the capital stock of said com-
pany shall not exceed two and a half millions of
dollars.

Affairs of com-
pany—how
managed.

Sec. 3. And be it enacted, That the affairs of
said company shall be managed by the persons
named ifc the first section of this act, who aye
hereby constituted Directors of said company until
Directors shall be elected as hereinafter provided,
and in case of the decease of one or more of said
persons Or their refusal to act as Directors, the
remaining person or persons shall have power to
select other persons as Dirctors for the time being
in their stead, and whenever an amount of the
capital stock of said company shall be subscribed
and one hundred thousand dollars paid in, a
general meeting of the subscribers to the stock of
said company shall be held at such time and place
as the Directors for the time being may appoint,
for the purpose of electing a President and Direc-
tors for said company to serve for one year there-
after, and until the next election shall be held, and
subsequent elections for President and Director's of
said company shall be annually held thereafter, at
such times and places as the by-laws of said com-
pany may prescribe, and the said Directors of said
company shall have all the powers and authority
given to them by this act, and such other powers
and authority not inconsistent with the provisions
of this act as may be conferred on them by the
resolutions and by-laws of said company.

Number of
Directors.

Sec 4. And be it enacted, That the Directors
of said company shall consist of such number, not
less than five nor more than ten, as the by-laws of
said company may prescribe, all of whom shall be
stockholders in said company, and the President
and Directors of said company shall have power to
appoint and remove all officers, servants and
agents of the company, to manage and conduct all
its business of any kind, to borrow money at any
time, and from time to time, for the uses of said
company, and to execute if deemed by them neces-
sary and expedient, any deed or deeds by mort-
gage or trust as security for the payment and fulfill-
ment of any or all of its debts, contracts and liabili-