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CHAP. 285
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George H. Newman, Albert Schumacher and William
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Hooper, and such other persons as shall hereafter be-
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comp stock holders in said association, shall be and
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they are hereby declared to be a body politic and cor-
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porate by the name of the Globe Insurance Company
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of Baltimore, and by the same name shall have per-
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petual succession, and shall be able to sue and he sued,
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implead and bo impleaded, in all courts of law or
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equity in this State or elsewhere, and to make and
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have a common seal. and the same to break, alter or
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renew at their pleasure, and also to ordain and estab-
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lish such by-laws, ordinances and regulations as shall
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appear necessary for regulating the concerns of said
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corporation not being contrary to this art or to the
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constitution "and Saws cf this State or of the United
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States.
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Capital stock
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SEC. 2. And be it enacted. That the capital stock
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of said company, shall consist of three hundred thou-
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sand dollars, to be divided into three thousand shares,
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each of one hundred dollars, to he paid to said compa-
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ny as follows, five dollars thereof shall be paid on
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Instalments
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each share at the time of subscribing, five dollars
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within thirty flays thereafter, and the remaining ninety
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dollars of each share by instalments of ten dollars
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each, upon a notice not less than thirty days, so that
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the whole amount thereof be paid within the space of
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twelve months from the time of subscribing, and in
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case of default in the payment of any of said, instal-
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ments or any of those of the increased stock hereinaf-
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Forfeit
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ter mentioned, the stock on which such default has been
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made shall become forfeited to the company, and may
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be sold for the benefit of said company with power
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however in the President and Directors to relinquish
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said forfeiture at their discretion, on payment of the
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Proviso
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amount due thereon; and provided always, that no such
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forfeiture shall release any subscriber or stockholder
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from his, her or their obligation to pay the whole
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amount due on said instalment, or others that may be
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called in until said company shall have received the
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full amount of all the instalments due upon the stock
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which has become forfeited as aforesaid.
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