| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
6. AND BE IT ENACTED, That the president and
directors for the
time being, shall have power to appoint such officers, clerks and
servants, under them, as shall be deemed necessary for executing
the business of the said company, and allow them such salaries as
they may judge reasonable. |
1816.
CHAP. 16.
To appoint officers. |
7. AND BE IT ENACTED, That all policies of
insurance made by
this corporation, shall be signed by the president, and sealed with
the common seal; and all losses on any such policy or policies shall
be adjusted by the president and board of directors, and paid
agreeably to the terms of the policy, out of the funds of the corporation;
and in case of the absence, death, resignation, or disqualification
of the president, the directors for the time being
shall appoint a president pro tem. to execute the several duties
assigned to him, until the vacancy is filled up as provided for by
this act. |
All policies to be
signed by president,
&c. |
8. AND BE IT ENACTED, That the said corporation
shall from
time to time apply all sums of money received by them for premiums
to the payment of losses in the first instance, and to make up
the amount of their original capital, whenever it shall have suffered
any diminution by losses, and that dividends shall be made of the
nett profits arising on the capital stock, at such periods as the president
and directors may judge proper, not oftener than once in six
months, and the same shall be paid to the stockholders, or their
legal representatives; but if at any time a dividend shall be declared
of a greater amount than the nett profits of the said company, at
the time of making the same, each and every director that consented
thereto shall and is hereby declared to be liable for in his individual
capacity, and bound to contribute to make good the deficiency
in the capital stock occasioned by such improper dividend;
and to form a quorum for such purpose the board shall not be less
in number than eight, including the president, and the resolution
shall be laid before the directors six days before they are called
upon to decide; for all other purposes the president and four directors
shall be a quorum. |
Dividends |
9. AND BE IT ENACTED, That the stock of this
institution is
hereby declared to be personal and not real estate, and may be assigned
and transferred on the books of the company in person, or
by power of attorney only; but no stockholder indebted to the company
shall be permitted to make a transfer or receive a dividend,
until such debt it paid, or secured to the satisfaction of the president
and board of directors; and whereas the security of the assured,
and the stability of this institution, will in some measure
depend upon the stockholders being persons of property, credit and
responsibility, no transfer shall be made of the stock or shares of
any member of this company, but such as shall be approved of by
a board of directors for the time being. |
Stock declared to
be personal estate
—how to be transferred. |
10. AND BE IT ENACTED, That the said corporation
shall not be
competent to purchase or hold any real or leasehold property, other
than such as may be recovered by them for premiums, and as may
be necessary for their immediate accommodation in business. |
Corporation not to
hold real property. |
11. AND BE IT ENACTED, That the president
and directors may
call a general meeting of the stockholders for any purpose relative
to the affairs of the institution, giving at least two weeks notice
in one or more of the newspapers printed in the cities of Baltimore |
General meeting |
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