784

LAWS OF MARYLAND.

CHAPTER 440.

AN ACT to amend an Act passed January Session,
eighteen hundred and sixty-five of the General
Assembly of Maryland, Chapter eighty-two,
entitled "An Act to incorporate the Washing-
ton Fire Insurance Company of Baltimore," and
to enlarge the powers of said Corporation.

Additional
powers.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That from and after the acceptance
of this Act by the stockholders of the Washington
Fire Insurance Company of Baltimore in the man-
ner hereinafter provided, the said Company shall
in addition to the powers and privileges now pos-
sessed by it, be capable in law, by its corporate
name, to purchase, improve, lease, hold and dis-
pose of property, real or personal and mixed, to
borrow and lend money, to make advances upon
lands and buildings, to give and receive security
for loans made to or by said Company, to make
all deeds, transfers, conveyances, grants and con-
tracts whatsoever incidental to the prosecution of
its business, and to do all other things that may
promote the interests of said corporation in the
exercise of its corporate powers.

Paid in in-
stallments.

Sec. 2. And be it enacted, That it shall and may
be lawful for said corporation, at any time before
the several installments on the shares of stock of
any subscriber or member shall have become due
and entirely paid up, under the provisions pre-
scribed by the by-laws for the payment thereof, to
redeem the same and to advance to such member
or subscriber the par value of one hundred dollars
per share for any number of such shares not fully
paid up as may be held by him, and to receive
from such member a transfer of all his interest
therein, and also security by way of mortgage or
real or personal property or hypothecation of un-

May hypothe-
cate.

redeemed shares of stock of said corporation on
other securities; the said mortgage or hypotheca-
tion conditioned for the payment by such member
or subscriber to said corporation of the unpaid in-
stallments on the share or shares so redeemed,
together with interest on the sum so paid or ad-