| DEC. 1813.
CHAP. 66. |
LAWS OF MARYLAND,
Clopper and William Bosley, and such other persons as shall
hereafter become stockholders in the said company, shall be and
are hereby created and declared to be, a body politic and corporate,
by the name, style and title, of The Universal Insurance Company,
and by the same name shall have perpetual succession, and shall be
able to sue and be sued, implead and be impleaded, in all courts of
law or equity in this state or elsewhere, and to make and have a
common seal, and the same to break, alter or renew, at their pleasure,
and also to ordain and establish such by-laws, ordinances and
regulations, as shall appear necessary for regulating the concerns
of the said corporation, not being contrary to this act, or to the
constitution and laws of this state, or of the United States. |
Capital—Shares.
Proviso. |
2. AND BE IT ENACTED, That the capital stock
of the said corporation
shall be five hundred thousand dollars, divided into five
hundred shares of one thousand dollars each share, and payable
one-tenth part of each share on the first day of March in the year
eighteen hundred and fourteen, unto Thomas Parker, who is hereby
empowered to receive the same for the said corporation, and the
remaining nine-tenth parts to be paid as is hereafter directed; and
if any person shall neglect or refuse to pay the same one-tenth part
on or before the said first day of March, he shall cease to be a
member of the said corporation, and his share or shares shall and
may be disposed of by the directors to such person or persons as
may apply for the same, and who may be admitted members agreeably
to the mode hereafter prescribed for the admission of transfers;
Provided, that no person or copartnership shall be a proprietor
of
more than ten shares. |
Directors when to
be elected.
Proviso. |
3. AND BE IT ENACTED, That for the well ordering
of the affairs
of the said corporation there shall be twelve directors, being
stockholders in the said company, chosen by ballot, or proxy, on
the second Monday of January in the year eighteen hundred and
fifteen, and on the second Monday of January in every year thereafter,
by a 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 such election, and until others shall be chosen, and no
longer, and at their first meeting after each election shall choose
out of the stockholders a president; Provided however, that the
president and directors of the Universal Insurance Company, appointed
by the said association at their last election, shall continue
to serve respectively as president and directors, until the next election
of directors as authorised by this act; 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 on any other day, within ten days thereafter,
to hold and to make an election of directors in such manner as shall
have been regulated by the by-laws and ordinances of the said corporation;
and in case of the death, resignation or disqualification,
of a director, or of his being chosen president, the place of such
director for the remainder of the year shall be filled up by the board
of directors for the time being. |
Names of members
and number of
shares to be entered
in a book. |
4. AND BE IT ENACTED, That the president and
directors thus
chosen, shall immediately cause to be entered in a good and sufficient |
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