| 1815.
CHAP. 78.
Passed Jan. 11, 1816. |
LAWS OF MARYLAND.
CHAP. LXXVIII.
An Act to incorporate the Commercial Insurance Company. Lib.
TH.
No. 4, fol. 521. |
| Company incorporated. |
1. BE IT ENACTED, by the General Assembly
of Maryland, That
Lemuel Taylor, William Hollins, John W. Stump, John Myers,
Robert Purviance, their associates, successors and assigns, shall
be, and are hereby created and declared to be, a body politic and
corporate, by the name, style and title, of The Commercial Insurance
Company, and by the same name shall have succession during
the continuance of this act, and shall be able to sue and be
sued, plead and be impleaded, answer and be answered, 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—payments.
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 fifteenth day of February eighteen
hundred and sixteen, unto Lemuel Taylor of Baltimore city, who
is hereby empowered to receive the same for the said corporation,
and the remaining tenth parts to be paid as is hereafter directed; and
if any person shall neglect or refuse to pay the said one-tenth part
on or before the said fifteenth day of February, 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 be chosen as is herein after
directed, 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
shall be a proprietor of more than ten shares in said corporation. |
Election of president
and directors. |
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, on the second Monday
in November, in the year eighteen hundred and sixteen, and
on the same day 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 the elections respectively, and until
others shall be chosen, and no longer, and at their first meeting
after such election they shall choose a president, who must be a
stockholder in said company. |
Present president
and directors to
remain in office
until an election
under this act. |
4. PROVIDED ALWAYS, AND BE IT ENACTED, That
the present
president and directors of the said company, viz. Lemuel Taylor,
president, William Hollins, John W. Stump, John Myers, Robert
Purviance, Nathaniel Saltonstall, Cumberland D. Williams, James
Calhoun, junior, Thomas Sheppard, Joseph W. Patterson, Gerard
Wilson, Isaac Tyson and William Penniman, shall be and
remain in office, and exercise all the duties and functions of president
and directors of the said Commercial Insurance Company, until
the second Monday in November eighteen hundred and sixteen,
and until the election of president and directors under and in pursuance
of the provisions of this act; and should it at any time happen |
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