shares of ten dollars each, with liberty to increase
the same at any time hereafter to a sum not ex-
ceeding five hundred thousand dollars, two dollars
to be paid at the time of subscribing, one dollar in
sixty days after the company shall have gone into
operation, one dollar in ninety days thereafter, one
dollar in four months thereafter; the balance at
such periods as the directors may from time to time
determine, after sixty days notice being given, or
may be paid from the nett revenue of the company;

provided, the said revenue shall, in the discretion
of the directors, be amply sufficient to meet the
liabilities of the company, otherwise the instal-
ments shall be paid upon notice duly given as
aforesaid; any stockholder refusing or neglecting
to pay an instalment when required by this char-
ter or by the directors, shall forfeit all his interest
in this company, and be held liable for his propor-
tion of any loss which may have occurred previous
to such neglect or refusal; provided, that such for-
feiture may be remitted by the directors upon the
payment of the principal and interest thereon;
and the proportion of loss which may have oc-
curred, if application be made for such remittance
within six months from the time the forfeiture oc-
curred.

Provisos.

Sec 3. And be it enacted, That so soon as
twenty-five hundred shares are subscribed, and the
first instalment of said subscription paid or secured
to be said, the Atlantic Fire and Marine Insurance
Company of Baltimore shall be competent to trans-
act all kinds of business for which it is established
and the said Andrew J. Bandel, William Car
michael, Joseph J. Robinson, George J. Kennard
O. Herring, Joshua Lynch, Samuel Maccubbin
James H. Bond and James Musgrave, are hereby
created directors in said company until the second
Monday in January, eighteen hundred and sixty
eight, and until their successors shall be elected
and such of them as shall be present at their firs
meeting shall proceed to organize the company by
electing a President, Secretary and such other of
fleers as may be deemed necessary thereof.

Competent to
transact busi-
ness.

Sec. 4. And be it enacted, That the stockhold-
ers composing this company, or their representa-
tives by proxy, shall, on the second Monday in

Directors to
be elected.