CHAPTER 392.

Passed Mar
32,1867.

AN ACT to incorporate the Franklin Fire Insu-
rance Company of Baltimore, Maryland.

Incorpora-
tion.

SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That S J. Smith, John W.
Pitts, William B. Larmour, J. Frank Brown,
Thomas J. Fairbank, Henry Duvall, William J.
Davidson, William B. Bolton, Robert D. Morri-
son and George M. Ehrman and the subscribers to
the stock of the company, and their successors,
shall be and they are hereby declared to be a body
politic and corporate by the name and style of the
President and Directors of the Franklin Fire In-
surance Company of Baltimore City, and by that
name shall have perpetual succession and be capa-
ble in law to sue and be sued, plead and be im-
pleaded, answer and be answered, defend and be
defended, in all courts of law and in equity or
elsewhere, to make and use a common seal, and
the same to alter or renew at pleasure, and gener-
ally to do and perform all things relative to the
objects of the institution which now are or may
be lawful for any individual or body politic or cor-
porate to do.

Capital Stock.

Sec. 2. And be it enacted. That the capital
stock of this company shall be three hundred thou-
sand dollars, divided into thirty thousand shares
of ten dollars each, 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 four months thereafter, one dollar in six
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 net revenue of the company beyond
the dividend of six per centum per annum, any
stockholder refusing or neglecting to pay an in-
stalment when required by this charter, or by the
Directors, shall forfeit all his interest in this com-
pany, and be held liable for his proportion of any
loss which may have occurred previous to such
neglect or refusal.