| 1791.
CHAP.
LXIX. |
LAWS of MARYLAND.
(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 constitute 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 trustee,
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. |
Subscribers to
deposite, &c. |
V. And be it
further enacted, That as soon as one hundred shares in the said
bank stock or debt of the United States aforesaid shall be subscribed,
every subscriber
shall, at the opening of the office for insurance, or at such time as shall
be appointed by the said corporation for that purpose, deposite in
the hands
of the trustees aforesaid evidences of their respective shares in the said
bank stock
or debt of the United States aforesaid; and the shares in consisting of
bank stock
shall be entered in the books of the bank of Maryland and the books of
the
said Maryland insurance fire company, as stock belonging to the said
Maryland
insurance fire company; and the shares consisting of the debt of the United
states shall be entered in the books of the said Maryland company, and
such
power vested in the said company by the subscribers as to make the same
subject
to similar regulations as the subscribed stock of the Maryland bank is
hereby
made subject to. |
Stockholders
entitled to receive
their dividends,
&c. |
VI. And be it
further enacted, That the stockholders of the said insurance
fire company shall be entitled to receive and draw their dividend of interest
or
profit arising on the said bank stock in the bank of Maryland aforesaid,
and interest
accruing on the debt of the United States subscribed as aforesaid, and
have
and enjoy all their rights and privileges of holders of the said bank stock
and
debt of the United States in as full and ample a manner as before the passage
of
this act, except as herein excepted; and the said bank stock and debt of
the
United States, so subscribed as aforesaid to the Maryland fire insurance
company,
shall also entitle the subscriber to all rights, profits and privileges,
of stockholders
of the said company, and may be transferrable by the respective stockholders
to any other person, which transfer shall be made and entered at the corporation
insurance-office according to the form that may be established, and likewise
at the bank of Maryland according to their form, and the treasury of the
United States, or any of the states, as the case may be; and the purchasers
shall
be entitled to all the rights, benefits and privileges, to which the original
proprietors
were entitled. |
Stock subscribed
to remain,
&c. |
VII. And be
it further enacted, That the stock of the bank of Maryland and
debt of the United States, subscribed as aforesaid to the Maryland insurance
fire
company, shall for ever remain and constitute the stock of the said Maryland
insurance fire company. |
On any loss,
the president,
&c. to call on
stockholders,
&c. |
VIII. And be
it further enacted, That as often as any loss or losses shall be
sustained, it shall and may be lawful for the president and trustees for
the time
being, of the said insurance fire company, to call upon the respective
stockholders,
subscribers, or members of the said company, to pay into the hands of
the treasurer of the said company, by a certain day, (not less than
one month,
by them to be appointed for that purpose,) such sum or sums of money as
shall
be sufficient to discharge the loss or losses so sustained; which sum or
sums of
money, so to be paid to the treasurer, shall be proportioned according
to their
respective stock held as aforesaid; and in case any stockholder or
stockholders so |
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