514

LAWS OF MARYLAND.

fining the said business of sale, disposition and ex-
change of said securities to either or all of the said
securities above named in this section, the inter-
ests and profits accruing and made oil said securi-
ties, and the sale, or exchange thereof, to be col-
lected by and paid over to said company.

Commission-
ers.

Sec. 5. And be it enacted. That the said A. H.
Barnitz, J. K. Caldwell, Simon Grinsfelder, James
Glassgow, William Hanna, Lewis Sutton, W.
Alexander, George A. Mills and Thomas Kemp
be and they are hereby constituted and appointed
Commissioners, or a majority of them, to open
books in the city of Baltimore, at such time and
in such manner and under such rules and regula-
tions as they, or a majority of them, shall deem
proper to take the subscriptions to the said guar-
antee capital stock; and when the sum of twenty-
five thousand dollars shall have been subscribed
and actually paid in, and invested in either or all
of the securities hereinbefore named, and the said
securities deposited with the Treasurer of this
State, as aforesaid, and the said Treasurer's certi-
ficate therefor obtained and published in one or
more newspapers of the city of Baltimore, the said
company shall organize, by the election and ap-
pointment of its officers, agents and servants, and
thereupon at once commence and conduct its busi-
ness.

Powers vested
in a Board of
Directors.

Sec. 6. And be it enacted, That the corporate
powers of said company shall be vested in and ex-
ercised by a Board of Directors and such officers
and agents as they may appoint.

Annual elec-
tion.

Sec. 7. And be it enacted, That an election for
Directors of said company shall be held annually,
on the second Tuesday of May, next succeeding
the organization of said company, for business, at
the office of the company, in the city of Baltimore,
and the Board shall give at least ten days notice
thereof in two daily newspapers published in said
city; the Board of Directors to be elected as afore-
said shall consist of nine persons, a majority of
whom shall be citizens of the State of Maryland,
and at least one half of whom shall be proprietors
of at least twenty shares each of the said guarantee
stock.