T. WATKINS LIGON, ESQUIRE, GOVERNOR.

443

the stockholders at some certain time and place in said
city, for the purpose of electing from the stockholders
five directors of said company; at which election each
share of slock shall entitle its holder to one vote (to be
given in person or by proxy,) and the parties receiving
a majority of the votes cast, shall be the officers of said
company until another election shall be held, under the
by-laws to be afterwards adopted; and the said subscri-
bers to the capital stock aforesaid, their associates and
successors, shall be, and they are hereby created and
declared to be a body corporate and politic, by the
name and style of the Real Estate Company of Balti-
more, and by that name may have perpetual succession,
and shall be able and capable in law to sue and be
sued, plead and be impleaded, answer and be answered
in any court of law or equity, to make, use, alter or
renew a common seal, to purchase, take, hold, improve
or dispose of, and convey, real estate and chattels real
as hereinafter authorised, and to make temporary in-
vestments of their moneys in personal securities, whilst
awaiting opportunities to purchase land.

SEC. 5. And be it enacted, That the directors of
said company or a majority of them, when met and
acting as a board, shall have power to elect a president,
treasurer and secretary of said company, who shall be
stockholders, and to prescribe their powers and duties,
to provide for and fix the time for giving notice of the
annual election of directors, to determine the number
of directors, not less than five nor more than nine all
of whom to be stockholders, to provide for filling all
vacancies occasioned by death, resignation, refusal to
serve or disqualification of the president, other officer
or any director, until the next annual election, to pre-
scribe the manner of transfers of stock and the appoint-
ment of proxies, to call in by instalments the amount
unpaid of the capital stock, and to provide the necessary
remedy in case of a failure to pay the same, to appoint,
employ, and in their discretion remove such and so
many agents and other persons, as the affairs of the com-
pany in their judgment from time to time may require,
and generally to do and inform or authorise all such
acts, and make, revise, niter and ordain all such by-laws,
ordinances and regulations not inconsistent with law or
this dinner, as they may deem necessary, useful or con-
venient, for carrying into effect the powers above enu-
merated, and all powers, rights and privileges granted
to or vested in said corporation by this chatter; such
by-laws and ordinances, however, to be subject to repeal

Meetings for
election of of-
ficers.