| 1807.
CHAP. 68.
Proviso.
|
LAWS OF MARYLAND.
shares, and if the whole amount be not subscribed on the first day,
the books shall remain open on the second day, when individuals,
or bodies corporate or otherwise, may subscribe for double the
number allowed on the first day, and if at the end of the second
day the whole amount of shares to which such county be entitled
to shall not be subscribed for, the books are then to be closed, and
transmitted, as soon as possible thereafter, to the commissioners
appointed for the city of Baltimore, who shall, so soon as the several
books of subscription aforesaid are by them received, proceed
to receive further subscriptions for such number of shares as remain
unsubscribed for in the several counties aforesaid, giving two
weeks previous notice in the several newspapers printed in the
city of Baltimore; Provided always, that of the subscriptions in
the
several counties aforesaid shall, on the first or second day, exceed
the number herein allotted to the respective counties, then and in
such case the said commissioners are hereby authorised and directed
so to apportion the shares subscribed among the several subscribers,
by proportional reduction, as may reduce the whole to the
number allotted. |
Commissioners
for city of Baltimore
to conduct
operations until
superseded by directors. |
4. AND BE IT ENACTED, That it shall be the
duty of the commissioners
appointed for the city of Baltimore to conduct every
operation of the said institution, until they shall be superseded by
the appointment of directors. |
Five dollars on
each share to be
paid at the time of
subscribing—remainder
by instalments. |
5. AND BE IT ENACTED, That the sum of five
dollars on each
share shall be paid to the commissioners at the time of subscribing,
and the remaining forty-five dollars on each share by instalments,
not exceeding ten dollars, as may be required by the president and
directors to be appointed in the mode herein after prescribed, upon
their giving two calendar months previous notice to the stockholders
in one or more newspapers printed in the cities of Baltimore
and Annapolis, and Frederick town, on the western shore, and in
the newspaper printed at Easton, on the eastern shore; and in case
of failure in the payment of all or any part of said instalments for
the space of thirty days after the same shall have become payable,
every share on which such failure shall have taken place shall be
forfeited (a) to the company.
(a) By 1808, ch. 48, any forfeiture
may be remitted by two thirds of the whole
board of directors, and upon payment of principal and interest of the instalment
due. |
| Subscribers incorporated. |
6. AND BE IT ENACTED, That the subscribers
to the said stock,
and their successors, shall and they are hereby declared to be a body
politic and corporate, by the name and style of The President
and Directors of the Baltimore Fire Insurance Company, and by
that name shall have perpetual succession, and be capable in law to
sue and be sued, plead and impleaded, answer and be answered,
defend and be defended, in all courts of judicature, or elsewhere,
and to make and use one common seal, and the same to alter or
renew at their pleasure, and generally to do and perform all things
relative to the objects of this institution, which now is or shall
be lawful for any individual or body politic or corporate to do. |
When 5000 shares
are subscribed,
meeting of subscribers
to be called
to choose
twelve directors. |
7. AND BE IT ENACTED, That as soon as five
thousand shares
shall be subscribed, the commissioners hereby authorised to receive
subscriptions may call a meeting of the subscribers, after giving
not less than two weeks notice in one or more of the newspapers
printed in the cities of Baltimore and Annapolis, and Frederick-town, |
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