|
Incorporated
—rights and
privileges. |
SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That George Colton, Louis
Turner, Sr., William Rex, John S. Hogg, J.
Thomas Tucker and John D. Thomson, their as-
sociates, successors and assigns, shall be, and they
are hereby incorporated as a body politic, under
and by the name of the Traveler's Life and Ac-
cident Insurance Company, of Baltimore, and by
that name shall have perpetual succession, sue and
be sued, implead and be impleaded, make and use
a common seal, and the same to make, alter and
amend at pleasure, when and as they may think
proper, and exercise and enjoy all the rights,
privileges and immunities of, and appertaining to,
a body politic and corporate. |
|
Capital stock
may be in-
creased. |
Sec. 2. And be it enacted, That the capital stock
of said corporation shall not be less than one
hundred thousand dollars, and maybe at any time
hereafter increased by said Company to any sum
not exceeding two hundred and fifty thousand dol-
lars, and shall be divided into shares of fifty dol-
lars each; and there shall be paid into the trea-
sury of said corporation by each subscriber to said
capital stock, at the time of subscribing for the
the same an instalment of ten dollars on each
share of stock by him subscribed for, and a furth-
er instalment of five dollars on each share shall be
paid within sixty days after the organization of
said Company, and the remainder of said shares
so subscribed for, shall, within ninety days after
the organization of said Company, be paid into
the said corporation by the person or persons so
subscribing. |
