THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1836

United States, and by the same shall have succession,
and .shall be able to sue and be sued, plead and be im-
pleaded in the courts of this State and elsewhere, and

CHAP. 88.

to make a common seal, and the same to alter and re-
new at their pleasure, and shall have power to pur-
chase materials and to make contracts for the printing,
binding, issuing, purchasing and selling books, tracts
stationery, and so forth, and to purchase and hold so

Corporate pow-
era granted.

much real estate as may be necessary to them as a place
of business; Provided always, that the capital stock of
this company shall at no time exceed one hundred thou-
sand dollars; and provided further, that nothing in
this act contained shall entitle said company to exer-
cise banking privileges.

Capital limited

SEC. 2. And be it enacted, That the capital stocjt
of this company shall be divided into shares of ten dol-
lars each, to be taken, paid for and increased, until it
shall reach the above named limit, and the proceeds

Shares

thereof to be disposed of as the said company shall de-
termine; each share shall entitle the holder to a vote
until they amount to five, every two shares thereafter

Disposed of

shall entitle such holder to an additional vote until his
votes amount to ten, and then every three shares shall
entitle him to an additional vote until he shall have
twenty votes, and in no case shall any stockholder be
entitled to more than that number of votes.

Vote, rated

SEC. S. And oe it enacted, That the business of said
company shall be conducted by a board of trustees and
such other officers as the constitution and by-laws may
provide; provided however, that two thirds of said
board must be members in good standing of the Luthe-
ran Church, and one-third thereof residents of the city
of Baltimore, where the said company shall be located,

Officers.

SEC. 4. And be it enacted, That if said company shall
contract debts to a greater amount than their capital
actually subscribed and paid in, then in that case the
stockholders shall be individually liable for such ex-
cess.

Liabilities

SEC. 5. And be it enacted. That nothing in this act
.shall enable said company to commence operations until
they shall have a cash capital actually paid in of five
thousand dollars.

12

Cash required