1831.

LAWS OF MARYLAND.

CHAP. 191.

become subscribers to the capital stock of the corporation
hereby created, and such other persons as shall hereafter
become stockholders in the said corporation, be, and they
are hereby created and declared, to be a body politic and
corporate, by the name, style and title of The United States
Insurance Company of Baltimore; and by the same name
shall have perpetual succession, and shall be able to sue and
be sued, implead and be impleaded, answer and defend, and
be answered and defended, in all courts of law or equity,
in this state or elsewhere; and to make and have a common
seal, and the same to break, alter and renew at their plea-
sure; and also to do all acts which shall appear necessary,
for conducting the concerns of the said corporation, not
being contrary to this act, or the constitution and laws of
this state, or of the United States.

Capital stock.

Sec. 2. And be it enacted, That the capital stock of said
corporation shall be two hundred thousand dollars, divided

Shares

into ten thousand shares, of twenty dollars each; one dol-

Payments

lar on each share shall be paid at the time of subscribing,
and the remainder at such times and in such instalments as
the president and directors shall determine, the said instal-

Instalments

ments not to exceed five dollars upon each share, nor to be
made payable upon shorter notice than sixty days; , and as
soon as five thousand shares shall have been subscribed and
paid as above presciibed, and the company organized as

Competent to o-
perate

hereinafter mentioned, the said company shall be compe-
tent to transact all business which this act author-

Increase capital.

ises. Privilege is hereby granted to the company to in-
crease its capital stock to five hundred thousand dollars, by
new subscriptions, or by adding to the said capital, semi-
annually, a portion of its net profits not otherwise appro-
priated, whenever it shall be so determined by the board of
directors.

Subscriptions.

Sec. 3. And be it enacted. That the mode of taking the
shares of the said capital stock shall be as follows, that is
to say; subscription books shall be opened by Robert Mil-
ler, Junior, Evan T. Ellicott, Galloway Cheston, George
W. Dobbin and Isaac Tyson, who are hereby appointed
commissioners for this purpose, and who shall, on or be-
fore the first day of March next, procure the book or books

Form prescribed.

necessary, and enter therein as follows: — We, whose names
are hereunto subscribed, do promise to pay to the president
and directors of the United States Insurance company of
Baltimore, the sum of twenty dollars, for every share of
stock in the said company, set opposite to our respective
names, agreeably to an act of the state of Maryland, en-
tilled, An act to incorporate the United States Insurance