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LEVIN WINDER, ESQUIRE, GOVERNOR.
shares, actually paid for by such delinquent, shall be repaid by
them to him, his executors, administrators or assigns, but he shall
nevertheless remain liable for the proportion of any loss which may
arise from risks taken antecedent to said refusal; Provided, that
in
case of the death of any stockholder, the neglect or refusal of his
executors, administrators or legatee, to give the notes as aforesaid,
shall not be a forfeiture of the interest which the said stockholder
in his life-time had in the corporation, by the said executors, administrators
or legatee, shall have one whole year next after the
day of said death, either to give the said notes or to transfer the
said share or shares; and in case the said notes shall not be given
within the term of one year by such executors, administrators, legatee
or assignee, all interest which the said stockholder had in his
life-time in the said corporation shall be forfeited, and shall be disposed
of as aforesaid, and such executor or administrator shall be
and he is hereby authorised and empowered, at any time within
the said term of one year, to sell or transfer such shares as the
orphans court of the county where such person or persons have obtained
letters testamentary or letters of administration on the estate
of such deceased stockholder, shall from time to time order and direct. |
DEC. 1813.
CHAP. 55.
Proviso.
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3. AND BE IT ENACTED, That for the well ordering
of the affairs
of the said corporation there shall be twelve directors, being
stockholders therein, citizens of the United States, residents of the
city of Baltimore, or its precincts, and not directors in any other
Insurance Company usually effecting marine insurances; the said
twelve directors shall be chosen by ballot on the first Monday in
December, in the year eighteen hundred and fourteen, and on the
same day in every year thereafter, by plurality of votes of the
stockholders present, or by proxy, each stockholder having as many
votes as he may hold shares, and the directors so chosen shall serve
for one year next ensuing the elections respectively, and until
others shall be chosen, and no longer; and at their first meeting
after each election the directors shall choose a president, being a
stockholder, and otherwise qualified as directors are required to
be; and should it at any time happen that an election of directors
shall not be made upon the day when pursuant to this act it ought
to have been made, the said corporation shall not for that cause be
deemed to be dissolved, but it shall be lawful upon any other day,
within ten days thereafter, to make an election of directors in such
manner as is herein before directed; and in case of the death, resignation
or disqualification, of the president, or of a director,
the place so becoming vacant may, for the remainder of the year,
be filled up by the board of directors for the time being; and in case
of sickness or necessary absence of the president, his place may
be supplied by a director, whom the board of directors may for
that purpose appoint. |
Directors, how to
be chosen. |
4. PROVIDED ALWAYS, AND BE IT ENACTED, That
the present
president and directors of the said company, to wit: Christian
Mayer, president, and Samuel Byrnes, J. E. C. Schultze, Andrew
Clopper, Frederick C. Graf, Christian Keller, Charles F. Kalkman,
B. I. Von Kapff, James Partridge, Lewis Brantz, Joseph
Karrick, Peter A. Karthaus, P. A. Guestier, directors, shall be
and remain in office, and exercise all the duties and functions of |
Present president
and directors to
remain in office
until 1st Monday
in December 1814. |
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