THOMAS SWANN, ESQUIRE, GOVERNOR. 623
lars to be paid at the time of subscribing, one dol-
lar in thirty days after the Company shall have
tone into operation, and one dollar in sixty
ays thereafter, and one dollar in ninety days
thereafter ; the balance at such periods as a
majority of the Directors may from time to
time determine, after fifteen days' notice being
given in two. or more daily newspapers in the
city of Baltimore, and that not more than two
dollars on each share shall be called for at any one
time ; and should any stockholder refuse or neglect
to pay an installment when required by the Direc-
tors, or a majority of them, he shall forfeit his in-
terest in this Company and be held liable for his
proportion for any loss which may have occurred
previous to such refusal or neglect or in conse-
quence thereof.
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Capital stock.
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Sec. 3. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of
the whole of the Board of Directors present at a
meeting at which the motion for such remission
shall be made, upon the payment by the person
incurring the forfeiture of the principle of such
installment and interest thereon up to the time of
such payment.
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Forfeiture.
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Sec. 4. And be it enacted, That so soon as four
thousand shares are subscribed for and paid or se-
cured to be paid, this Company shall be competent
to transact all kinds of business for which it is es-
tablished.
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Transact
business.
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Sec. 5. And be it enacted, That after the sub-
scription of four thousand shares, as provided for
in the, foregoing Sections, the said corporators
named in the first Section of this bill are hereby
created Directors of said Commerce Insurance
Company of Baltimore, to serve until the first
election of Directors as hereinafter provided, and
such of them as shall be present at their first meet-
ing shall proceed to organize the Company by
electing a President, Vice President and Secretary,
and by appointing such clerks and assistants as
they may think proper.
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Directors.
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Sec. 6. And be it enacted, That the stockholders
composing the said Company, of their representa-
tives by proxy, shall, on the first Monday in Jan-
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Election.
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