1849.

LAWS OF MARYLAND.

CHAP. 370.

and fifty-one, at which time, and annually thereafter,
there shall be chosen, by ballot, from among the stock-
holders, not less than six nor more than twelve direc-
tors, who shall hold their offices until the first Wed-
nesday of January, next ensuing their election, or
until others shall be constitutionally chosen to supply
their places; in the choice of directors, each stock-
holder shall be entitled to one vote for every share of
stock by him then held, and none but stockholders
shall be eligible to the office of director.

Capital stock
&c.

SEC. 3. And be it enacted, That the capital stock
of said corporation shall not exceed five hundred thou-
sand dollars, and shall be divided into shares of
twenty-five dollars each.

When to go in-
to operation.

SEC. 4. And be it enacted, That whenever six per-
sons shall have become subscribers to the capital
stock of said corporation, they may, upon the call of
William Reynolds, J. G. Wilson, Victor Vallette, Ro-
bert Campbell, Hamilton Easter, John Wilson, or
either two of them, meet together at the time and
place named in said call, and adopt such rules and
regulations as may be necessary or convenient for
commencing or carrying on business under this act,
and when the said rules and regulations have been
adopted, and when two thousand shares of said stock
have been subscribed for and paid in, the said corpo-
ration may exercise all the power and privileges con-
ferred by this act.

Meetings, how
called.

SEC. 5. And be it enacted, That there be a meeting
of the directors quarterly, for the purpose of regulating
the affairs of the Exchange and Banking House, any
five of whom to make a board, and the board have
power to adjourn from time to time, and the president,
or any three of the directors, may call a special meet-
ing at any other time they may think necessary.

Duties and
powers of the
directors

SEC. 6. And be it enacted, That the board of direc-
tors determine the manner of doing business, and the
rules and forms to be pursued, appoint and pay the
various officers which they may find necessary, and
dispose of the money and credit of the Exchange and
Banking House, for the interest and benefit of the
proprietors, and make, at the expiration of the first
year, a dividend of profit, and ever after, half yearly
or yearly dividends.

Necessary to
elect a treasur-
er.

SEC. 7. And be it enacted, That in the appointment
of a treasurer of the said Exchange and Banking
House, a majority of the votes of six directors shall
be necessary to a choice.