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GEORGE PLATER, Esquire, Governor.
XVIII. This act to continue for six years,
and until the end of the next session
of assembly thereafter. |
1791.
CHAP.
LXVIII.
Duration. |
CHAP. LXIX.
An ACT to erect and establish an insurance fire company in Baltimore-town,
in Baltimore county, and for other purposes. |
Passed December
26. |
WHEREAS it is represented to this general assembly,
by the stockholders
under an act, entitled, An act to incorporate a company for
the insurance of dwelling houses and other buildings from loss or
damage by fire, and other inhabitants of Baltimore-town, that inasmuch
as the
capital or shares of the said company consists of notes of hand, convertible
only
into money in cases of loss by fire, and in the event of failure or bankruptcy
among the stockholders, the insured might become considerable sufferers;
circumstances which, by affecting the solidity of the funds, operate to
destroy
the public confidence in the said institution: And whereas it is
further represented,
that a new act of incorporation is necessary to obviate these inconveniences,
and that the stock of the said company consist of bank stock of the
bank of
Maryland and the public debt of the United States; |
Preamble. |
II. Be it enacted,
by the General Assembly of Maryland, That any person or
persons in this or any of the United States, or foreigners, may subscribe
any sum
of money not exceeding sixty thousand dollars, in shares, each share consisting
of three hundred dollars in bank stock of the bank of Maryland, or three
hundred
dollars in the public debt of the United States, which, according to the
loan proposed in the fourth and fifteenth sections of the act, entitled,
An act
making provision for the debt of the United States, shall bear an accruing
interest
at the time of payment of six per centum per annum; and the subscribers
of the said shares shall be and hereby are created and made a corporation
and
body politic by the name and style of The Maryland Insurance Fire Company,
and by the same name and style shall have perpetual succession; and the
said
subscribers, and their successors, by the name and style aforesaid, may
sue and be
sued, answer and be answered, in any court of record or equity in this
state or
elsewhere, and may do and execute every other matter and thing by the name
aforesaid that they are authorised to do in virtue of this act; also
to make,
have and use, a common seal, and the same to break, alter and renew, at
their
pleasure; and also to ordain, establish, and put in execution, such by-laws,
ordinances
and regulations, as shall seem necessary and convenient for the government
of the said corporation, not being contrary to law or the provisions herein
after prescribed and declared. |
Citizens or
foreigners
may subscribe,
&c. |
III. And be
it further enacted, That every subscriber shall be entitled to vote
in person, or by his agent or proxy, at all elections in virtue of this
act; that
is to say, for one share, and not more than two shares, one vote; for every
two
shares above two, and not exceeding ten, one vote; for every four shares
above ten, and not exceeding thirty, one vote; for every six shares above
thirty,
and not exceeding sixty, one vote; for every eight shares above sixty,
and not
exceeding one hundred, one vote; but no person, co-partnership or body
politic,
shall be entitled to a greater number than thirty votes; and stockholders,
actually
resident within the United States, and none other, may vote in elections
by
proxy. |
Subscribers to
vote in person
or by proxy,
&c. |
IV. And be it
further 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 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, |
Any three
may call a
meeting, &c. |
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