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LAWS OF MARYLAND.

Elections.

Sec. 5. And be it enacted , That the annual meet-
ings for the election of Directors may be held at
such time and place, and upon such public notice
as may be provided by the by-laws, and that the
stockholders representing a majority of the stock
may call special meetings of the company at such
time and place, and upon such notice as may be
prescribed by the by-laws, and until the first elec-
tion of Directors provided for by the preceding
section, the parties named in the first section of
this act shall be Commissioners to receive, by them-
selves or a majority of them, subscriptions to the
capital stock, with power to themselves to sub-
scribe thereto; and when such subscriptions may
be made to the extent they shall deem necessary for
organization, they shall call a meeting of the stock-
holders, who shall then determine as to the time
and mode of payment of the subscriptions to the
stock, and also elect the first board of Directors.

Stock deem-
ed personal ea-
tate.

Sec. 6. And be it enacted. That the stock of said
company shall be deemed personal estate, and that
all property, estate and joint stock of the corpora-
tion, whether in or out of the State of Maryland,
shall be bound and answerable .for its debts and
liabilities.

Restricted.

Sec. 7. And be it enacted, That nothing con-
tained herein shall be construed as granting bank-
ing privileges or to authorize the said corporation
to issue any note, device or other evidence of debt
to be used as currency, or as exempting their pro-
perty and effects from general taxation.

Rights re-
served.

Sec. 8. And be it enacted That this charter
shall continue for forty years from the passage
thereof, and that the State reserves the right to
alter, amend and repeal the same at pleasure.

In force.

Sec. 9. And be it enacted, That this act shall
take effect from and after the day of its passage.