bilities of the Company, otherwise the instalment
shall be paid upon notice duly given, and when-
ever the said Directors shall determine to increase
the capital stock: over and above the sum of two
hundred thousand dollars, they may authorize a
further subscription of stock not exceeding forty
thousand additional shares of five dollars per
share, payable in like instalments, giving sixty
days notice of the payment of each instalment,
and any subscriber refusing or neglecting to pay
an instalment as hereing provided, shall forfeit all
his interest as a stockholder in the Company, and
be held liable for his proportion of any loss which
may have occurred previous to such neglect or
refusal; provided, that such forfeiture may be
remitted by the Director« upon the payment of
the principal and the interest thereon, and the
proportion of loss which may have occurred, if
application be made for such remittance within
six months from the time the forfeiture occurred.

When to go
in operation.

Sec. 3. And be it enacted, That so soon as eight
thousand shares are subscribed, and the first in-
stalment of subscription paid the said "Potomac
Fire Insurance Company of Baltimore" shall be
competent to transact all kinds of business for
which it is established, and the said Samuel Town-
shend, Thomas Whelan, Jr., John Ahern, Thomas
Ellis, Samuel Black, Benjamin F. Swayne, Sam-
uel H. Gover, James Whiteford, Michael Roche,
Isaac W. Jewett, Benjamin G. Tubman, William
Turner, Edward Feinour, John B. N. Berry,
diaries Goldsborough, John Jewett, Jr., Wil-
liam McCann, Joseph W. Duncan and James A.
Doyle are hereby created Directors in said Com-
pany, until the third Monday in July, eighteen
hundred and sixty-seven, and until their successors.
shall be elected, any five of whom may be present
at their first meeting, shall proceed to organize
by the appointment of a President, a Vice Presi-

Annual meet-
ings.

dent and a Secretary of said Company, and the
Stockholders or their legal Representatives shall,
on the third Monday in July in each and every
year, choose by ballot from among the Stockhold-
ers the number of Directors designated by the
by-laws to serve one year, and until their succes-
sors are elected; each stockholder to be entitled