| DEC. 1813.
CHAP. 66.
Powers of president. |
LAWS OF MARYLAND.
6. AND BE IT ENACTED, That the president for
the time being,
by order and direction of the directors shall have full power and
authority, in the name and behalf of the corporation, to make all
kind of marine insurances, insurances against fire, insurances on
lives, and insurances on the inland transportation of goods, wares
and merchandise, and to lend money on bottomry and respondentia,
and generally to do, transact and perform, all the business relating
to the objects aforesaid, and subscribe all policies of insurance on
behalf of the said corporation, under the style and title of President
of the Universal Insurance Company. |
After first payment
no other to
be required unless
the same may be
necessary to defray
losses. |
7. AND BE IT ENACTED, That it shall not be
lawful for the president
and directors, at any time after the receiving of the first
payment as aforesaid, to require or demand from the stockholders
any other or further payments, unless the same may be necessary
to defray and satisfy losses previously sustained by the said corporation;
and the president and directors shall have power to appoint
each and every year such officers, clerks, and servants under them,
as shall be necessary, and to allow them severally a certain annual
salary for their respective services, which shall be ascertained and
fixed by the directors each and every year immediately after the
election of the said directors, and before the appointment of the
said officers, clerks or servants. |
Correct entries of
their proceedings
to be kept |
8. AND BE IT ENACTED, That the president and
directors shall
keep full, fair, and correct entries of their proceedings, which shall
at all times be open to the inspection of the stockholders. |
| Dividends. |
9. AND BE IT ENACTED, That the president and
directors shall
declare dividends of the profits of the corporation, or of so much
thereof as to them shall appear advisable, and the dividend so declared
shall be paid to the respective proprietors on demand, but
the monies received as premiums on risks, which shall be undetermined
and outstanding, shall not be considered as part of the profits
of the corporation; and in case of any loss or losses, whereby
the capital stock of the corporation shall be lessened, no subsequent
dividend shall be made until a sum equal to such diminution, and
arising from the profits of the corporation, shall have been added
to the capital. |
Losses, deficiencies,
&c. |
10. AND for the greater security of persons
having insurances
effected in the Universal Insurance Company, BE IT ENACTED,
That if at any time the funds of the corporation should not be
competent to pay and satisfy the just demands of the assured, that
nothing herein contained shall be construed to discharge the stockholders
from being liable for more than his 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 or may 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 execution may 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 directors of the corporation
as against private individuals, wherein they shall be severally
compelled to discover the interest or shares which each and |
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