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LEVIN WINDER, ESQUIRE, GOVERNOR.
every member of the corporation may have therein, and upon such
discovery being had, the chancellor shall ascertain the proportionate
parts of the said judgment which the said members severally
ought to pay, and he is hereby authorised to decree accordingly
the sum of money which each and every member of the said corporation
shall pay to the said plaintiff or plaintiffs. |
DEC. 1813.
CHAP. 66. |
11. AND whereas, the security to the assured,
and the stability
of this institution, will greatly depend on the stockholders being
persons of sufficient property to make good any losses that may
possibly happen, BE IT THEREFORE ENACTED, That no transfer
shall be made of the stock or shares of any member of this corporation,
but such as shall be approved of by at least seven of the
directors for the time being, who shall vote by ballot for that purpose,
after which admission the directors shall renew the security,
and cause the transfer to be entered on their books kept for that
purpose, and the purchaser shall thenceforth be entitled to all the
benefits, and be subject to all the losses, to which the original proprietor
would be entitled or subjected. |
No transfer of
stock to be made
unless approved
by at least seven
directors. |
12. AND BE IT ENACTED, That the president
for the time being,
by the order and direction of the directors, shall have full power
and authority, in the name and on behalf of the corporation, to
vest the capital and surplus funds of the corporation from time to
time in the public funds or banks of the United States, or of any
particular state. |
Capital and surplus
funds may be
vested. |
13. AND BE IT ENACTED, That such part of the
profits arising
to the said corporation from premiums or otherwise, as the president
and directors may deem proper, shall from time to time be by
them retained and added to the aforesaid original stock, until the
same, with such additional sums, shall amount to and form a capital
stock of seven hundred thousand dollars; Provided, that no sum
thus retained shall at any time exceed one fourth part of the dividend
that may be declared. |
Profits.
Proviso. |
14. AND BE IT ENACTED, That the Universal
Insurance Company
shall be and are hereby declared to be capable of purchasing
and holding, in fee simple, to them and their successors, for ever,
a lot or parcel of ground situated in the city of Baltimore, for the
purpose of erecting thereon suitable buildings to accommodate the
said corporation in the transaction of their business as an Insurance
Company, and the said corporation shall be and they are hereby
declared to be capable of receiving a deed of conveyance for the
same, and if necessary of executing a deed conveying their right
and title in and to the said lot, with its appertenances, to any person
or persons whatever, in as full and effectual a manner as any
person or body corporate may or can do; and in the case of the execution
of the deed by the said corporation as aforesaid, it shall be
sufficient and effectual, to every intent and purpose, if the president
shall thereto subscribe and affix the seal of the corporation,
and shall, in the name and in behalf of the said corporation, acknowledge
the same before such person or persons as the law directs
in the cases of any person or persons executing and acknowledging
any deed for the conveyance of land in fee simple. |
May purchase and
hold a lot, &c. |
15. AND BE IT ENACTED, That this act shall
continue in force
for fifteen years from and after the passage of this act, and to the
end of the session of the general assembly which shall be thereafter. |
Duration. |
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