| 1804.
CHAP. 60. |
LAWS OF MARYLAND.
lending money on bottomry and respondentia, and also for making
insurances on lives and against fire, and have prayed to be incorporated
by law; therefore, |
| Persons incorporated. |
2. BE IT ENACTED, by the General Assembly
of Maryland, That
Daniel Howland, John Sherlock, Samuel Hollingsworth, Christopher
Johnson, George Grundy, Nicholas Rogers, Robert Gilmor,
John Swan, Mark Pringle, Robert Oliver, Stewart Brown, Hugh
Thompson, John Carruthers, Alexander Brown, William Cole,
James Cox, George Salmon, John Campbell White and Sons, Hugh
Neilson, Payson and Smith, William Woods, Amos A. Williams,
William Lorman, Gabriel Wood, John Oliver, Moore Falls, Benjamin
Williams, Luke Tiernan, Ralph Higginbothom, Jonas Clapham,
Robert Dorsey, Robert Barry, Solomon Birkhead, Richard
Cooke, William Cooke, James Hindman, Charles Torrance, A.
Worthington, Robert Wilson, M. Tiernan, Robert Purviance, William
Patterson, junior, James Gunn, Edward Harris, Solomon Etting,
George Gray, James McHenry, Nicholas G. Ridgely, Henry
Stocket, James Taylor, Samuel Walker, Joseph Yates, the estate
of Richard Caton, and the estate of Aquila Brown, junior, and
such other persons as shall hereafter become stockholders in the said
company, shall be, and are hereby created and declared to be, a
body politic and corporate, by the name, style and title, of The
Marine Insurance Company, and by the same name shall have perpetual
succession, and shall be able to sue and be sued, implead and
be impleaded, 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 and 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. |
3. AND BE IT ENACTED, That the capital stock
of the said company
shall be forty thousand dollars, divided into four hundred
shares of one hundred dollars each, and of such further sums as
have been heretofore, or hereafter may be, added to the capital
stock from the profits of said company, in manner and according
the principle of increase herein after mentioned, and that no one
person shall be proprietor of more than twenty shares in the said
company. |
Directors, how
to be appointed—
President. |
4. AND BE IT ENACTED, That for the well ordering
the affairs
of the said corporation, there shall be thirteen directors, being
stockholders in the said company, chosen by ballot on the first
Monday in April, in the year eighteen hundred and five, 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 each election, shall choose one of their own 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 |
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