630 LAWS OF MARYLAND. [Ch. 449]

equity whatsoever, to have and to use a common seal and to
alter the same at its pleasure; to make and adopt by-laws, rules
and regulations for the government of said body corporate and
its officers, agents and employees, and from time to time to
amend the same; provided, such by-laws, rules and regulations,
or amendments thereto, shall not conflict with the Constitution
and laws of this State or of the United States; to elect or
appoint directors and officers and generally to do, execute and
enforce all and singular such acts, contracts, matters and things
as may be necessary to carry out the objects and purposes and
to protect the interests of said body corporate, and to exercise
the power or powers by this act conferred upon it.

SEC. 2. And be it enacted, That section 2 of Chapter 383
of the Acts of the General Assembly of Maryland of 1906,
entitled "An Act to incorporate the Chesapeake Life Insurance
Company," be and the same is hereby repealed and re-enacted
so as to read as follows:

Be it enacted, That the capital stock of said body corporate
shall consist of one thousand shares of the par value of one
hundred dollars each, with the privilege to increase the same,
from time to time, by a vote of the stockholders, at a special
meeting or meetings to be called for the purpose, to a sum not
exceeding one million dollars; and Edgar H. Donaldson, Telfair
W. Marriott and W. Thomas Kemp, their successors and
assigns, or a majority of them, shall have power to open books
or subscriptions at such times and places in the City of Balti-
more and elsewhere as they may deem expedient; and they
shall have power to compel all subscribers to said stock to pay
therefor at par, or at such sum above par as they may decide;
and when the par value, or such sum above par as may be agreed
upon on any share shall have been fully paid, the same shall
thereupon become non-assessable and non-liable for or on account
of any purpose whatsoever. The said body corporate shall not,
however, begin the prosecution of any business under "its char-
ter until the whole of the said stock, to the amount of one
hundred thousand dollars, shall have been subscribed and actu-
ally paid in cash, and shall have invested either in securities of
the United States, of the State of Maryland, or of the City of
Baltimore, or any other securities now or hereafter authorized
by law, and the same have been deposited in the treasury of this
State as a guarantee for the payment of the policies of insurance
issued by said company, as prescribed by section 149 of Article
23 of the Code of Public General Laws of this State; and there-
upon the stockholders may elect not less than seven nor more
than twenty-five directors from among themselves to hold until