T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

or leasehold estate in the city of Baltimore, and to
erect thereon a building or buildings suitable for
the purpose of occupancy by the Corn and Flour
Exchange, and such other purposes as may, in the
opinion of the directors of said corporation, tend to
carry out the design of such institution and pro-
mote the convenient transaction of the business of
dealers in grain, flour and provisions, and other
produce, in the city of Baltimore, and when said
building or buildings shall have been erected, the
said corporation shall have power to lease the same
and receive the rents and profits thereof, and divide
the same among the stockholders.

CHAP. 12.

SEC. 3. And be it enacted, That the capital stock
of said corporation shall consist of not less than ten
thousand dollars, with liberty to increase the same
when a majority of the directors shall so determine
to any amount not exceeding fifty thousand dollars;
the said capital stock shall be divided into shares
of one hundred dollars each, and the same shall be
deemed personal property, and shall be transferable
in such manner as the by-laws of said corporation
may direct; the said corporation may commence
business, and shall be deemed fully organized when
ten thousand dollars shall have been fully sub-
scribed and twenty-five per cent, of each share sub-
scribed for shall have been paid in.

Capital stock.

SEC. 4. And be it enacted, That all the affairs,
concerns and business of said corporation shall be
managed and conducted by and under the direction
of. eight directors, who shall be stockholders and
citizens of this State, four of whom shall be mem-
bers of the Baltimore Corn and Flour Exchange,
and one of said four being the president of said in-
stitution, who shall, by virtue of his office, be a
member of said board of directors, and the seven
shall be elected by the stockholders annually on
the first Monday of March in each year by ballot,
by plurality of the votes of the stockholders present
or represented by proxy, the votes shall be accord-
ing to the following representation of stock, to wit:
one share to two shares, one vote; three shares to
five shares, two votes; six shares to ten shares,
three votes; eleven shares to fifteen shares, four
votes; sixteen shares and upwards five votes; no
stockholder to cast more than five votes, and if
for any cause such election shall not be so held, the
said corporation shall not be deemed dissolved, but
5

How man-
aged.