1828

LAWS OF MARYLAND.

CHAP. 181.

bodies corporate to be stockholders, their associates and as-
signs, shall and are hereby incorporated, and made a body
politic, by the name of The Commercial Exchange Compa-
ny of Baltimore, and by that name shall have perpetual
succession, and shall be capable of suing and being sued,
of pleading, answering and defending, in any court of law
or equity; may make, have, use, alter and renew, a com-
mon seal; may purchase, hold, improve, dispose of, and
convey, estates and property, real, personal and mixed, to
the extent and for the purposes hereinafter mentioned; and
exercise all such other powers as are authorised hereby in
the manner provided by this act.

Object of compa-
ny

Sec. 3. And be it enacted, That the object and purpose
for which the said company is incorporated, is to enable the
said company to purchase and hold the Exchange buildings,
and appurtenances, as a place of public resort, for commer-
cial purposes, and other public uses, and for offices for the
use of corporate bodies, and other associations and indivi-
duals connected with the public business of the city, or with
commercial affairs; and for the better effecting the object
and purposes aforesaid, the shares of stock of the Commer-
cial Exchange Company aforesaid, are hereby declared to
be personal estate; and every insurance company, or other
commercial company, within the city of Baltimore, incor-
porated by any law of this state, is hereby authorised to
subscribe for, or purchase and hold, shares of the said stock,
and dispose of and transfer the same, as a majority of the
directors, or other persons authorised to conduct the affairs
oi any such company, shall deem proper.

Election of direc-
tors

Sec. 4. And be it enacted, That the commissiners above
named, or a majority of them, within ten days after closing
the subscription of stock as above provided, shall appoint a
time and place for the stockholders in the said company, to
meet, and choose, by a plurality of votes, out of those who
shall attend in person, or by proxy, five directors to con-
duct the affairs of the said company under this charter, and
the said commissioners shall cause at least ten days notice
to be given of the time, place and object of said meeting,
and two or more of the said commissioners shall be compe-
tent to hold and be judges of such election, and to certify-
the result thereof; every stockholder shall be entitled, at
each election, and at all other meetings of the stockholders,
to one vote for each share of stock he, she or they shall
own, on which the instalments due shall have been paid;
none but stockholders shall be eligible as directors; and the
directors, when elected, shall each be entitled to hold his
seat until a new election shall take place; and when any of
them shall cease to be a stockholder, he shall also cease to
be a director.