| 1816.
CHAP. 16. |
LAWS OF MARYLAND.
annually in the month of June: No person or body corporate shall
be permitted to endorse stock notes for more than one hundred
shares; and any stockholder neglecting or refusing to renew as
aforesaid, shall forfeit all his interest in this corporation, and be
held liable for his or her proportion of any loss which may have
occurred previous to such neglect or refusal: And it shall not be
lawful for the president and directors at any time to call on the
stockholders for any part of the remaining forty dollars on each
share secured to be paid, unless the exigencies of the company shall
require it, and then only in such proportion as they are severally
interested; and as soon as seven thousand five hundred shares of
said stock are subscribed for, and paid, or secured to be paid, the
said company shall be competent to transact all kinds of business
which this act authorises. |
Twelve directors
and a president to
be appointed. |
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 first
Monday in June, in the year eighteen hundred and seventeen, 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 election respectively, and
until others shall be chosen, and no longer; and at their first meeting
after each election, they shall choose one of their members as
president; 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
death, resignation, or disqualification of a director, the place of
such director, for the remainder of the year, shall be filled up by
the board of directors for the time being. |
Present president,
&c. to continue
until a new election. |
4. PROVIDED ALWAYS, AND BE IT ENACTED, That
the present
president and directors of the said company shall be and remain in
office, and exercise all the duties and functions of president and
directors of the said Phœnix Fire Insurance Company of Maryland,
until the first Monday in June next, and until the election of
president and directors under and in pursuance of the provisions of
this act. |
Authorised to
make insurances,
&c. |
5. AND BE IT ENACTED, That the president and
directors shall
have full power and authority to make all kinds of insurances against
fire, insurance on lives, and insurances on inland transportation
of goods, wares, merchandises, and country produce, and all kinds
of marine insurances, when they shall so determine; and generally
to transact and perform all business relative to the objects aforesaid;
and also to invest the capital and surplus funds of the company,
from time to time, in the public funds of the United States,
or in any bank or banks of this state, or of the United States, and
to dispose of the money and property of the company in such
manner, (not being contrary to law,) as to them shall appear most
advantageous in prosecuting the objects of this institution. |
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