PRIVATE ACTS. 1429

rights and privileges which are hereby conferred on said body
corporate; the said directors may open books and give notice
for receiving subscriptions to the capital stock of said com-
pany. The home or principal office of said company shall be
located in the town of Frostburg, Md., and all meetings bf the
stockholders shall be held at the principal or home office, but
the directors may hold meetings within or without the State,
as the nature and convenience of their business may require.

SEC. 5. And be it enacted, That the board of directors
and the president and other officers thus appointed and elected
shall serve for one year from the date of this Act, or until
their successors shall have been elected, and a general meet-
ing of the stockholders shall be held annually on the second
Monday in May of each year, at which meeting a board of not
less than five (5) or more than seven (7) directors shall be
elected by said stockholders by ballot to manage the affairs
of said company, which directors shall all be stockholders in
said corporation, and shall have power to elect a president,
vice-president, secretary and treasurer from among their num-
ber, and the directors so elected shall serve for one year or
until their successors shall be elected; and other meetings of
the stockholders may be called by the president or directors,
or a majority of them, according to such rules as may be
adopted by the by-laws of said company, and the board of
directors may meet as often as necessary for the transaction
of the business of the company. Ten days' notice shall be given
by publication in two newspapers published in Allegany county,
Maryland, of the time and place of holding the general or
annual meeting of the stockholders and of the election of
directors of the same as above referred to.

SEC. 6. And be it enacted, That said company may issue
stock in payment of services or for property of any description;
provided, (1) that such services were rendered to the corpora-
tion at its request; (2) that the property is suitable for any of
the purposes for which the company was incorporated, and (3)
that the value of such services and property, and the pro-
priety of issuing the stock therefor shall be agreed upon and
the issue authorized by the affirmative vote of all the stock out-
standing and entitled to vote given at any meeting duly
warned as provided for by section 4 of this Act of incorpora-
tion, and when any stock is issued for services or property in
accordance with this section, the books of the company shall
be so kept as to show at all times fully what property was re-
ceived and what services were tendered for said stock; at what
value, and the number of shares issued for same, but the valua-
tion placed by the stockholders upon such services and prop-