THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835

subscriptions to the capital stock of said company, at

CHAP. 177.

such times, in the city of Baltimore, and such other

places, as they may designate, for the purpose of re-

ceiving subscriptions to the capital stock of said com-

pany, after giving at least two weeks notice through

Notice

the daily newspapers published in the city of Haiti-

more, as also in one of the newspapers of such other

places in which they shall cause books to be opened,

of the time awl place, for receiving the same, and if

Case of excess of subscription

more than ten thousand shares shall be subscribed to

the capital stock of said company while the said hooks

are open, the said commissioners or a majority of them

shall reduce the subscription to ten thousand shares, by

striking off from the largest number of shares in suc-

cession until the subscriptions are reduced to ten thou-

sand shares, or all the subscriptions to one share; and

if there still he an excess, then lots shall be drawn by

the commissioners to determine who are to be exclud-

ed of the persons so subscribing, and in case any sub-

scriber shall have paid a greater sum of money at the

time of subscribing than at the rate of Five dollars per

share, on the shares so apportioned, the commissioners

shall only retain the sum required as the first payment

on these shares, and forthwith return the surplus on

application.

SEC. 2. And be it enacted, That the. subscribers to

Corporation crea-

the stock of the aforesaid company and their assignees,

ted

shall be, and they are hereby declared to he a body po-

litic and corporate, by the name and style of the pre-

sident and directors of the Phoenix Fire Insurance

Company of Baltimore, and by that name shall be ca-

Powers granted

pable in law, to sue and be sued, plead and be implead-

ed, answer and be answered, defend and be defended,

in all courts of law or equity, or elsewhere, and to

make and use a common seal, and the same to alter

and renew at their pleasure, and generally to do and per-

form all things relative to the objects of said corpora-

tion which it shall be lawful for any individual or bo-

dy politic to do.

SEC. 3. And be it enacted, That the capital steel

Capital stock-

of said company shall be divided into shares of fifty

shares

dollars each, and shall not exceed ten thousand shares