116

LAWS OF MARYLAND.

Weekly instal-
ment.

when the payments shall cease and the holder of
unredeemed shares shall receive a certificate there-
for, and the same shall be transferable on the
hooks of the corporation upon a surrender of the
certificate endorsed by the owner.

Directors.

Sec. 3. And be it enacted, That the corporators
numed in the first Section hereof shall constitute
the Board of Directors until the first Thursday in
March next succeeding the organization, and on.
the first Thursday in March of every year there-
after, the stockholders composing this corporation,
or their representatives by proxy, shall elect by
ballot from among their number fourteen direc-
tors, to serve for one year, and until their succes-

Vote.

sors are elected. Each stockholder shall he en-
titled to one vote for each share of stock riot ex-
ceeding ten shares, and one additional vote for
every five shares over ten. The Board of Direc-
tors, at their first meeting after election or as soon
thereafter as convenient, shall choose from their
own number a President and Vice President, and
shall elect a Treasurer and Secretary from their

Officers.

own number or from the general stockholders;
should a vacancy occur in the Board or among its
officers, the same shall be filled by the Board of
Directors for the remainder of the year.

May redeem.

Sec. 4. And be it enacted, That the Corporation
may at any time prior to the period at which the
several instalments to be paid on a share or shares
shall be completed, purchase or redeem the same,
and advance to the holder thereof, for such pre-
mium as may he agreed upon, the par value of
three hundred dollars per share, at such a sum or
price as the said holder thereof may agree to re-
ceive; or they may loan the said sum for a term
of years, deducting the interest thereof in ad-
vance; in either case, on payment of said sum of
money, the Corporation to receive from the said

Mortgage.

holder a transfer of all his or her interest in such
share or shares, and also security, by way of mort-
gage, on real, leasehold or personal property, the
said mortgage to be conditioned for the payment
by the said holder, or his or her legal representa-
tives or assigns, the unpaid instalments on said
share or shares, together with interest (where it
may not have been deducted in advance) on the