JOHN WALTER SMITH, ESQ., GOVERNOR.

167

Cumberland on the secular or business day next succeeding
the day on which it would otherwise have been presentable
for payment, interest on same shall be computed down to
and including such secular or business day.

Approved March 29, 1900.

CHAPTER 134.
AN ACT to empower the United Fire Insurance Company of
Baltimore City, a body corporate, formed under the General
Incorporation Laws of the State of Maryland, to enlarge
the number of its directors, to increase its capital stock,
and to issue perpetual policies of insurance.

Interest.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the United Fire Insurance Company of Baltimore,
a body corporate of the State of Maryland, formed under the
General Incorporation Laws, be and it is hereby authorized
and empowered to increase from time to time its Board of
Directors to any number it may see fit, not exceeding twenty-
five directors. And that the present Board of Directors be
and they are hereby authorized and empowered from time to
time to elect from the stockholders of said body corporate
such persons as may be desirable to constitute the Board of
Directors of said body corporate as hereby authorized, who,
with themselves, shall serve as directors of said body corporate
until the next annual meeting' of the stockholders thereof,
when the stockholders of the said body corporate, and
annually thereafter, shall proceed to elect from among the
stockholders not less than twelve nor more than twenty-five
persons to serve as directors of the said body corporate in the
manner now prescribed by law, until such time as the board
may be built up to twenty -five members.

United Fire
Insurance Co.
of Baltimore.
Authority to
increase num-
ber of Direct-
ors.

SEC. 2. And be it further enacted, That whenever in the
judgment of the stockholders of said body corporate, or a
majority of them, it will be beneficial to the interests of the
stockholders of the said body corporate to increase its capital
stock, that the said body corporate be and it is hereby
empowered to increase the capital of said corporation to a
sum not exceeding one million dollars, of two hundred
thousand shares; the said stock to be issued in shares of five
dollars each, and to be sold for cash only, and at such prices
not less than its par value, as the Board of Directors of said
body corporate shall determine. And that upon its determi-

Authority to
increase
capital stock.