| 1807.
CHAP. 68.
Policies of insurance
to be signed
by president, and
attested by secretary,
&c. |
LAWS OF MARYLAND.
10. AND BE IT ENACTED, That all policies of
insurance made
by this corporation shall be signed by the president, and attested
by the secretary, 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 company. |
Money received
for premiums to
be applied in first
instance to payment
of losses—
Dividends. |
11. 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 neat 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 a dividend shall be at any time declared
of a greater amount than the neat proceeds 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. |
Real property
which corporation
may purchase or
hold. |
12. AND BE IT ENACTED, That the said corporation
shall not
be competent to purchase or hold any real property, other than
such as may be recovered by them for premiums, and as may be
necessary for the immediate accommodation in business. |
Stockholders not
answerable in
their persons or
individual property
for any losses,
&c. |
13. AND BE IT ENACTED, That no stockholder,
or member of
the said company, shall be answerable in his person or individual
property for any contract or agreement of said company, or for
any losses, deficiencies or failures, of the capital stock of said institution,
except in the case of a director declaring an improper
dividend, as before provided for in the eleventh section of this law,
but the whole of the said capital stock, together with all property,
rights and credits, belonging thereunto, and nothing more, shall at
any time be answerable for the demands against the said company. |
Stock declared to
be personal estate
—Transfers. |
14. 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 is paid, or secured to the satisfaction of the
president and board of directors. |
General meeting
of stockholders,
how to be called. |
15. 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
and Annapolis, and Frederick-town, on the western shore,
and in the paper printed at Easton, on the eastern shore, and any
number of stockholders not less than forty, who together shall be
proprietors of one thousand shares, may at any time apply to the
president and directors to call a general meeting of the stockholders
for any purpose relative to the affairs of the institution; and if
the president and directors shall refuse to call such meeting, the
said number of stockholders, proprietors of not less than the aforesaid
number of shares, shall have power to call a general meeting
of the stockholders, giving at least two weeks notice in one or |
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