1847.

LAWS OF MARYLAND,

CHAP. 214.

the benevolent relief of the sick and distressed, and for
the promotion of their purposes generally.

Directors—
how and when
elected.

SEC. 3. And be it enacted, That the first named six
persons shall be directors of said company until the

first Monday of June eighteen hundred and forty-eight,
at which time and annually thereafter, there shall be
chosen by ballot from among the stockholders, not less

than six nor more than twelve directors, who shall hold
their offices until the first Monday of June next ensuing
their election, or until others shall be constitutionally
chosen to supply their places, in the choice of directors
each stockholder shall be entitled to one vote for every
share of stock by him then held, and none but stock-
holders shall be eligible to the office of director.

$5 to be paid
on each share
at the time of
subscribing.

SEC. 4. And be it enacted, That the capital stock
of said corporation shall not exceed two hundred thou-
sand dollars, and shall be divided into shares of twenty-
five dollars each, and there shall be paid into the trea-
sury of said corporation by each subscriber to the said
capital stock at the time of subscription an instalment
of five dollars on each share of capital stock for which
he may subscribe, and the remaining twenty dollars for
each snare so subscribed shall, within thirty days from
the time of subscription, he secured either by mortgage
on real estate or such endorsed promissory notes as may
be approved by the directors of said corporation, and
shall be payable in thirty days after a demand shall be
made through some newspaper published in the city of
Baltimore, or the same may be made payable in regular
instalments and at stated periods, at the discretion of the
directors.

When to go
into operation.

SEC. 5. And be it enacted, That the said corporation
shall have power to insure the health of such persons
only as are or may become subscribers to the capital
stock, until four hundred shares shall have been subscrib-
ed for and the instalment has been paid in and the residue
of such subscription been secured in the manner provid-
ed, but after the four hundred shares shall have been
subscribed for and paid in or secured in the manner pre-
scribed in the fourth section of this act, the said corpo-
ration shall have power to exercise all the functions con-

ferred and authorised by this act.

Capital stock
—how invest-
ed.

SEC. 6. And be it enacted, That the capital stock of
this corporation shall be invested at the discretion of the
directors, either in loans upon bonds, or mortga-
ges upon unincumbered real estate, in stocks of the
United States, of the State of Maryland, of the city
of Baltimore, or of any bank in the State of Mary-