| DEC. 1813.
CHAP. 55. |
LAWS OF MARYLAND.
president and directors of the said Patapsco Insurance Company,
until the first Monday in December, eighteen hundred and fourteen,
and until the election of president and directors under and in pursuance
of the provisions of this act. |
Authorised to
make insurances. |
5. AND BE IT ENACTED, That the president and
directors shall
have full power and authority to make insurances upon vessels or
merchandise at sea, or going to sea, or upon any goods, wares and
merchandise, freights, and other personal property, going or gone
by land or water, and to lend money on bottomry and respondentia,
and generally to transact all business relative to the objects aforesaid,
and also to vest the capital and surplus funds of the company
from time to time in the public funds or banks. |
| Salary of president. |
6. AND BE IT ENACTED, That the directors of this
company
shall every year immediately after their election, and before that
of president, fix the annual salary of the said president. |
| Rules, by-laws, &c. |
7. AND BE IT ENACTED, That the president and
directors are
hereby fully empowered to make, revise, alter or annul, all such
rules, orders, by-laws and regulations, for the government of the
said corporation, and that of it officers, clerks, servants and affairs,
as they, or a majority of them, shall from time to time think
expedient, not inconsistent with law and provisions of this act. |
Premiums, losses
and dividends. |
8. AND BE IT ENACTED, That the president and
directors shall
from time to time apply all sums received by them for premiums
to the payment of losses and charges in the first instance, and to
make up the amount of their original capital when it shall sustain
any diminution by such losses, and shall make such dividends of
their net profits, from time to time, as they shall judge expedient. |
| Future payments. |
9. AND BE IT ENACTED, That it shall not be
lawful for the president
and directors, at any time after the receiving payment of
the one sixth part of the capital stock as aforesaid, to require or
demand from the stockholders any other or further payment, unless
the same may be necessary to defray and satisfy losses previously
sustained by the said corporation. |
Stockholders liable
for deficiencies
in a proportionate
ratio. |
10. AND for the greater security of persons
having insurances
effected in the Patapsco Insurance Company, BE IT ENACTED,
That if at any time the funds of the said corporation should not
be competent to pay and satisfy the just demands of the insured,
nothing herein contained shall be construed to discharge the stockholders
from being liable for their respective proportions of said
losses, according to the number of shares they may hold therein;
but no stockholder shall be liable for more than his own proportion
of losses as aforesaid, or to answer for the failure or deficiency of
others, further than as an endorser on their notes; and if a judgment
shall at any time be rendered against the said corporation in
a suit upon a policy of insurance by them signed, and no property
can be found whereon an execution can be laid to satisfy the said
judgment, then and in such case the plaintiff or plaintiffs may, and
he or they are hereby empowered to file in the court of chancery a
bill of discovery and relief against the president and directors of
the corporation, as against private individuals, when they shall be
severally compelled to discover the interest or shares which each
and every member of the corporation may have therein, and upon
such discovery being had, the chancellor shall ascertain the proportionate |
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