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GEORGE PLATER, Esquire, Governor.
called upon, shall refuse or neglect to make the payments so called
for on or
before the day appointed as aforesaid, the president, and three of the
trustees for
the time being, are hereby empowered and directed to sell and dispose of
the share
or shares of the person or persons so defaulting, and shall pay to
the said defaulter
or defaulters the overplus, if any there be after deducting his, her,
or their proportion
of the loss aforesaid, and the purchaser or purchasers of the share or
shares
so sold shall have the same so transferred to him, her or them, in the
books of the
Maryland insurance fire company, and from thenceforward shall be entitled
to
and enjoy all the right, benefits and privileges, which the original proprietor
or
proprietors enjoyed. |
1791.
CHAP.
LXIX. |
IX. And be it
further enacted, That John Merryman, Nicholas Rogers,
George Salmon, James Calhoun and William Buchanan, of George, be and
are hereby appointed and authorised to receive subscriptions, and that
notice
thereof, and of the time and places where the same shall be taken, be given
in
the Baltimore and Annapolis news-papers; but the stockholders of the Baltimore
insurance fire company shall have preference of all other persons, and
are hereby
allowed from the day of opening the aforesaid subscription the space of
six weeks
to declare their election, and in case they do not subscribe within the
said time,
then an in that case to be on a footing with other non-subscribers. |
Persons appointed
to receive
subscriptions,
&c. |
X. And be it
further enacted, That as soon as may be after the passing of
this act, the president and trustees of the Baltimore insurance fire company
proceed
to a division of the profits accruing under the said company to the several
subscribers, or their heirs or assigns, an deliver up to the stockholders
of the
said company their respective notes, and finally settle all accounts appertaining
to
the said corporation, and deliver over, to cause to be delivered over,
to the director
and trustees of the Maryland insurance fire company the seal of the said
company,
they paying for the same, and all books belonging to the said Baltimore
insurance
fire company. |
President, &c.
to proceed to
a division, &c. |
XI. And be it
enacted, That the said Maryland insurance fire company shall
keep their office in the town of Baltimore aforesaid, and may make
insurance on
all dwelling-houses, or other buildings, or property contained therein,
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 company for all losses which they
may
sustain in their houses or buildings, or property contained therein as
aforesaid, by
fire, according to the terms of the policy of insurance, and as far only
as the
amount of the capital stock of the said company, and the value insured
in the
policy, shall extend, excepting average losses by fire, not exceeding five
pounds in
value in one hundred pounds value of the said house, houses or buildings,
or property
contained therein as aforesaid, which they shall not be answerable
for;
provided always, that no stockholder, subscriber or member of the said
company,
shall be answerable for any losses which may be sustained by fire or
otherwise,
for any more or larger sum or sums of money whatsoever but to the
amount of the stock, stocks or shares, which shall appear by the books
of the
said company to belong to him or them at the time or times when such loss
or
losses shall be sustained as aforesaid. |
Office to be
to kept in Baltimore,
&c. |
XII. And be
it further enacted, That yearly dividends shall be made of so
much of the profits of the company as shall appear to the directors
available;
and once in every three years the directors shall lay before the stockholders,
at
a general meeting, for their information, an exact and particular statement
of the debts, and of the surplus of profit, if any, after deducting losses
and
dividends. |
Yearly dividend
is to be
made, &c. |
XIII. And be
it further enacted, That the party failing to comply with his
subscription, or any part of his subscription, shall lose the benefit of
any dividend
which may have accrued prior to the time for making such payment, and
during the delay of the same. |
Party failing,
to lose the benefit,
&c. |
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