28

LAWS OF MARYLAND.

tance and organization as aforesaid, the said cor-
poration shall become responsible for all debts and
liabilities^ f6r which the said, "The MpCullough
Iron Company of Cecil County," were liable.

Capital Stock.

Sec. 3. And be it enacted, That the par value, of
the capital stock of said corporation, shall be one
hundred dollars per share, and each of the parties
associated in the said, "The McCullough Iron
Company of Cecil County," shall be entitled to
five shares of the stock of this corporation, at one
hundred dollars per share, for every share held in
the said "The McCullough Iron Company of Cecil
County," at five hundred dollars per share.

May increase
its capital.

Sec. 4. And be it enacted, That the said corpo-
ration shall have power at any time, to increase
its capital stock to any sum not exceeding one
million of dollars, by new subscriptions, or by
converting a portion of the net profits into new
stock, and distributing the same among the stock-
holders, according to their respective interests in
said corporation, whenever the same shall be deter-
mined by the Board of Directors.

Management.

Sec. 5. And be it enacted, That the stock, pro-
perty, concerns and business of said corporation,
shall be managed and conducted by a Board of
Directors, to consist of not less than three nor
more than nine persons, as the by-laws may direct,
who shall appoint one of their number as Presi-
dent, to be elected annually at such times as the
said corporation by its by-laws, may direct, and
that the first election shall be held at the time of
the acceptance of this act of incorporation, or as
soon thereafter as may be convenient, on the same
day of the week in each year thereafter, and in
case of the death, resignation, or disqualification
of a Director, the place of said Director shall be
filled by the vote of a majority of the remaining
Directors, and in all cases, the Directors shall act
until their successors are chosen; in the election
of Directors, every stockholder shall be entitled to
give in person or by proxy, one vote for each share
of the capital stock standing in his or her name
on the books of the corporation.

May estab-
lish agencies

Sec. 6. And be it enacted, That the said corpo-
ration, be and hereby is authorized to establish
agencies, or places of business, either within or