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SEC. 2. And be it enacted, That the capital stock of
said company shall be divided into shares of one hundred
dollars each, and shall at no time exceed two hundred
thousand dollars; and every person who shall be the pro-
prietor of one share or more of said stock shall be a mem-
ber of said corporation, and as such, shall be entitled at
all elections, and in all meetings of the stockholders, to
one vote in person, or by attorney for each and every
share of said capital stock which is held by such person;
and the said capital stock may, in whole or in part, con-
sist of and be vested in land, buildings, machinery, tools
and materials, necessary or useful for carrying on the
business of said corporation; and the shares of said capi-
tal stock shall be deemed personal estate, and be transfer-
able only on the books of the corporation, and in such
manner as may be provided and directed by the by-laws.
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CHAP. 271.
Capital stock
not to exceed
$200, 000.
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SEC. 3. And be it enacted, That the affairs of said com-
pany shall be conducted by a president and four directors,
who shall be chosen by the stockholders from amongst
themselves, on the first Monday of May, and annually
thereafter on the same clay, or on such other day as the
by-laws may provide, and in case such election shall not
be so held, the said corporation may, nevertheless hold
an election at any time within twenty days after the time
fixed by this act, or by the by-laws of said corporation,
and the president and directors who shall be so chosen,
shall act in their respective offices until successors shall
be chosen; and they, or a majority of them, shall have
full power and authority to appoint, compensate and re-
move such officers, agents and servants as they may deem
necessary in the business of said company; also to con-
tract for and purchase, such real and personal estate, and
erect all such buildings and improvements as they may
think necessary to carry into effect the object of said
company; and the same, or any part thereof, to sell, con-
vey or otherwise dispose of at their discretion; also to
prescribe the mode of distributing, registering and trans-
ferring the capital stock of the corporation, and the cer-
tificates thereof; and to declare and pay annual or other
dividends of the nett profits of said company, and gener-
ally to do all such acts for conducting the business of the
said corporation as they may think proper, the same not
being contrary to the by-laws passed by the stockhold-
ers, nor to any law of this State; and in case a vacancy
shall happen in the presidency or directory of said cor-
poration, the stockholders, after ten days notice by ad-
vertisement in two of the daily papers published in the
city of Baltimore, at a special meeting to be held for that
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Corporate
powers.
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