ALBERT C. RITCHIE, GOVERNOR 1267

constitute the members of the body corporate in the place and
stead of the persons named in Section 1 hereof, and they, or a
majority of them, shall have and exercise all the powers and
duties of the body corporate. They shall as soon as practicable,
organize as trustees. Thereafter their successors shall or-
ganize each year upon the anniversary of the date of such first,
organization, or as near thereto as possible. At the first and
subsequent annual organization, the trustees shall elect a chair-
man from their number and a secretary (who shall not be one
of the trustees) and such committees of the trustees as they
may from time to time deem advisable. The trustees shall
keep a complete record of all proceedings of every kind and
shall enact by-laws providing for regular and special meet-
ing's, and may amend the same from time to time as they may
deem advisable. Four trustees shall constitute a quorum for
all purposes.

SEC. 4. And be it further enacted, That all gifts, devises
and bequests to the said body corporate shall be held and ad-
ministered by it for the purpose for which it is hereby in-
corporated, as a single fund, and not as separate funds, unless
otherwise directed by the donor or testator in the instrument
creating the said gift, devise or bequest, in which latter case
any donor or testator may designate a fund as memorial fund
in memory of a particular person or event. Any gift, devise or
bequest which in the opinion of the trustees is not desirable for
the purpose of the body corporate may be declined by the
trustees.

Both the principal and interest of all funds received shall
be used in the unfettered discretion of the trustees for the
promotion of the objects for which the body corporate is in-
corporated, except that no more than 20% of the principal of
the fund shall be distributed in any one year. A donor or
testator may indicate his desire as to the time when, and the
purposes for which, any principal contributed by him shall
be distributed, and may also indicate his desire as to the pur-
poses for which the income of his contribution may be used
either for a definite or indefinite period of time, and such
desire shall be followed so long as and to such an extent as
shall seem to the trustees wise and beneficial under the condi-
ditions that may hereafter exist from time to time in the City
of Baltimore and State of Maryland, absolute discretion be-