| 1804.
CHAP. 41. |
LAWS OF MARYLAND.
or purchase a suitable building in which to transact the affairs of
the company. |
President authorised
to make insurances. |
8. 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 company, 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,
or otherwise, and generally to do, transact and perform, all the
business relating to the objects aforesaid, and subscribe all policies
of insurance on behalf of said company, under the style and title
of President of the Union Insurance Company of Maryland. |
Entries of proceedings
to be
kept. |
9. AND BE IT ENACTED, That the directors shall
keep full, fair
and correct entries of the proceedings, which shall be at all times
open to the inspection of the stockholders. |
| Dividends. |
10. AND BE IT ENACTED, That the directors,
within six days
preceding last Monday of March of each and every year, or
oftener if they shall so think fit, shall declare a dividend of the
profits of the company, or of so much thereof as to them shall
seem adviseable, but in no case shall such dividend exceed two
parts in three of the then profits; and the remaining one third part
of such profits shall be added to, and constitute part of, the capital
stock of said corporation, and shall be vested in the banks or public
stocks, at the discretion of the directors, in like manner as they
are authorised to employ the original capital of said company;
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. |
Stockholders liable
for their proportion
of losses. |
11. AND, for the greater security of persons
having insurances
effected in the said Union Insurance Company of Maryland, BE
IT ENACTED, That if at any time the funds of the said corporation
should not be competent to pay and satisfy the just demands of the
assured, nothing herein contained shall be construed to discharge
the stockholders from being liable for their respective proportions
of said losses, according to the number of shares they may hold
therein, but no stockholder shall be liable for more than his own
proportion of losses as aforesaid, or to answer for the failure or
deficiency of others; 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
an 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 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 |
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