| 1787.
CHAP.
XX.
Subscribers
may vote, &c. |
LAWS of MARYLAND.
III. And be it
enacted, That every subscriber shall be entitled to vote in person,
or by his agent or proxy appointed under his hand, at all elections, in
virtue
of this act, and shall have as many votes as he holds shares, as far as
three votes;
but no subscriber shall have more than three votes, although he may
hold ever
so many shares. |
And any three
call a meeting,
&c. |
IV. And be it
enacted, That as soon as one hundred shares shall be subscribed,
any three of the subscribers may call a meeting of the subscribers at Baltimore-town,
after not less than six successive weeks notice in the Baltimore and Annapolis
news-papers, and the subscribers assembled in consequence of such notice,
shall choose by ballot, from among the subscribers, by a majority of votes
of
such as shall be present, or by their agents or proxies, nine directors
and trustees
for the term of one year thereafter, and on the same day annually for ever
thereafter
a like election shall be made; and the said directors and trustees shall
elect
by ballot, by a majority of votes, a treasurer and a register (each of
whom shall
give bond with security to the said corporation;) and the said directors
and trustees
shall choose a president out of their number, and any five of the said
directors
and trustees shall continue a board; and the said trustees, at the time
of
their being so elected, and during the time they shall continue in office,
shall reside
in Baltimore-town, and shall hold six stated meetings in each year for
ever,
and shall, at each stated meeting, appoint three trustees to attend one
day at least
in every week to sign policies, and transact any other business that the
nature
of the office may require; and the president, and a majority of the
said trustees,
shall, at any time between the annual meetings, have power to call a general
meeting of the members of the said corporation, and in case of death, resignation,
neglect of attendance for two successive stated meetings, or removal out
of the said town, of any of the said trustees, that then it shall be lawful
for the
residue of the said trustees, or any five of them, to fill up the vacancy
so as to
keep up the full number of the said trustees until the expiration of
the time for
which they were elected. |
Trustees may
make rules,
&c. |
V. And be it
enacted, That the said trustees, so to be chosen as aforesaid,
shall have full power from time to time to make rules, ordinances and bye-laws,
for the ordering and governing the said corporation, so that the same contain
nothing contradictory to what is herein contained, or to the laws of this
state. |
Subscribers to
deposit the
sums subscribed
in
notes, &c. |
VI. And be it
enacted, That as soon as the said capital sum of ten thousand
pounds shall be subscribed, every member of the said corporation shall,
at the
opening of the office for insurance, or at such time as shall be appointed
by the
said corporation for that purpose, deposit in the hands of the trustees
aforesaid
the several and respective sums or shares so by them subscribed, as the
capital
stock of the said company, in four promissory notes for every hundred pounds
current money so subscribed as aforesaid, that is to say, one of the said
notes
for forty pounds, one of the said notes for thirty pounds, one of the said
notes
for twenty pounds, and the other of the said notes for ten pounds, all
payable
on demand, with sufficient security, citizens and residents of this state,
for the
payment of the said several sums of money, in case the said trustees shall
think
it necessary; which stock or stocks, share or shares, of each and every
member
of the said corporation, shall and may be transferrable by the respective
stockholders
to any other person, and shall be made and entered at the corporation insurance
office in the presence of and with the approbation of the three acting
trustees
for the time being, who shall renew the security, and cause the same to
be entered
in their books kept for that purpose, and the purchasers shall be entitled
to
all the rights, benefits and privileges, which the original proprietors
enjoyed. |
Office to be
kept in Baltimore-town,
&c. |
VII. And be
it enacted, That the said corporation shall keep their office in
the town of Baltimore aforesaid, and may make insurance on all dwelling
houses or
other buildings whatsoever in this state or elsewhere, and shall be liable
to make
good and pay to the several persons who shall be insured by the said corporation
for all losses which they may sustain in their houses or buildings by fire,
according
to the terms of the policy of insurance, and as far only as the amount
of the |
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