1036

LAWS OF MARYLAND.

Capital stock

of ten dollars each, which aggregate one thousand dollars,

and director-
ate.

with the privilege to the said corporation to increase the same

from time to time to five thousand dollars in shares of the

par value of ten dollars each by a vote of the stockholders at

a special meeting or at a meeting to be called for that purpose ;

and the incorporators or a majority of them shall have power

to open books for subscriptions at such times and places as

they may deem expedient, and when said one hundred shares

have been subscribed and when ten per centum thereon has

been paid in, the stockholders may elect five directors to

serve until the ensuing annual election or until their successors

have been duly elected and qualified, and the directors so

elected of said company, when it shall have been organized,

may and they are hereby authorized and empowered to have

and to exercise in the name and behalf of the said company

all the rights and privileges which are intended to be hereby

given. The stockholders shall have the right by vote at a gen-

eral or special meeting called therefor to increase the num-

ber of directors from five to a number not exceeding seven.

SEC. 3. And be it enacted, That the annual meeting of the

Annual meet-
ing.

stockholders for the election of directors and for the transac-

tion of such other business as may come before them shall

be held on the first Monday in May, in each year, of which

meeting ten days' notice shall be given by publication in

some newspaper published in Talbot County. All elections

shall be by ballot, and at such elections and all meetings of

stockholders each shall be entitled to one vote for every share

of stock held by him, but no person shall be eligible as director

who is not a stockholder.

SEC. 4. And be it enacted, That said company shall have the

power and it is hereby authorized and empowered to locate

To appropriate

and appropriate in the waters of Broad Cove, in the Fifth

certain sec-
tions in

Election District of Talbot County, Maryland, one lot of five

waters

acres for the purpose of protecting, preserving, propagating,

of Talbot
County.

depositing, bedding or sowing oysters or other fish, and it shall

have the same rights, powers, privileges and authority under

Article 72, Section 39, of the Code of Public General Laws

of Maryland, entitled "Locating Oyster Lots," as any owner

of any and bordering on said waters or any male citizen of full

age of this State, and of selling, canning or in any way dispos-

ing of said oysters or other fish.

SEC. 5. And be it enacted, That said company shall be ca-

To buy, sell
and lease

pable in law of buying, selling, mortgaging, leasing, improving,

lands, etc.

disposing of, or otherwise dealing in lands in this State and