542
Incorporated
Capability in
law.
Capital stock
How it hliall
be paid
Forfeiture
may be re-
mitted.
|
LAWS OF MARYLAND.
CHAPTER 338.
AN ACT to incorporate the Carrollton Fire Insur-
ance Company, of Baltimore.
SECTION 1. Be it enacted by the General Assembly of
Maryland, That Wesley A/Tucker, Robert R. Kirk-
land, John C. Bridges, George F. Webb, David Car-
roll, Edward R. Lusby, E. Gover Cox, James O.
Spear, John A. Baker, 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 Presi-
dent and. Directors of the Carrollton Fire Insurance
Company of Baltimore, and by that name shall have
perpetual succession, and be capable in law to sue
and be sued, plead and be impleaded, answer and be
answered, defend and be defended in all courts of
law and equity, or elsewhere, to make and use a
common seal, and the same to alter or renew at
pleasure, and generally to do and perform all things
relative to the objects of this institution, which now
is, or may be lawful for any individual or body poli-
tic or corporate to do.
SEC. 2. And be it en fitted. That the capital stock of
'tins company shall consist of the sum not exceeding
five hundred thousand dollars, divided into fifty
thousand shares, at ten dollars each share; two dol-
lars to be paid at the time of subscribing, and one
dollar in thirty days, and one dollar in sixty days,
and one dollar in ninety days after the company
shall have gone into operation; the balance at such
periods as the Director may from time to time de-
termine after sixty days' notice being given, or may
bo paid. from the net revenue of the company beyond
the dividends of six per centum per annum; and any
stockholder refusing or neglecting to pay an instalment
when required by tins charter or by the Directors,
shall forfeit all his interest in the company, and be
held liable for his proportion of any loss which may
have occurred previous to such neglect or refusal.
SEC. 3. And he it enacted, That should any forfeit-
ure occur, it may be remitted by a majority of the
|
