FRANK BROWN, ESQUIRE, GOVERNOR.

703

CHAPTER 502.

AN ACT to incorporate "The Commonwealth Guarantee

Company."

SECTION 1. Be it enacted by the General Assembly of

Maryland, That Joseph W. Hazell, Perry Lee Downs,

Walter H. Preston, Frank Murphy, John Gill, Jr., and

Incorpo-

James H. Preston, and the subscribers, to the stock of

rators of
the Com-

the corporation hereby created and their successors and

monwealth
Guarantee

assigns be and they are hereby created a body corporate,

Company.

by the name of the Commonwealth Guarantee Company,

and by that name shall have perpetual succession, and shall

be competent to sue and be sued, in any court of law or

equity whatever ; to have and use a common seal and to

alter the same at its pleasure, to make and adopt a consti-

tution and by-laws for the government of said body

corporate and its officers, provided the same shall not con-

flict with the constitution and laws of this State, or of the

United States ; to appoint directors and officers and

generally do, execute and enforce all and singular such

acts, contracts, matters and things, as may be necessary to

carry out the object and protect the interests of said body

corporate, and to exercise the power by this act conferred

upon it.

SEC. 2. And be it further enacted, That the capital stock

of said body corporate shall consist of two thousand shares,

Capital
stock.

of the par value of fifty dollars each, and when the par

value of any shares shall have been fully paid the same

shall become non-assessable for any purpose whatever ; the

said body corporate shall not, however, undertake the

prosecution of its business until the stock to the amount of

twenty-five thousand dollars (which may be payable in

such installments as the directors of said corporation may

stipulate) shall have been subscribed.

SEC. 3. And be it further enacted, That the said body

corporate shall have the right to purchase and hold, bargain

Bight to
purchase.

and sell, grant, assign and convey land or any interest

or estate therein, chattels, choses in action, checks, notes,

bills of exchange, certificates of deposit, warehouse

receipts, stocks, bonds, mortgages on real or leasehold

property, and every and any evidence of debt ; to advance

money upon the security thereof by receiving and holding

the same or accepting mortgages thereon and generally to

deal in every and all description of properties, personal

effects, securities, mortgages, land, certificates of indebted-

ness, stock of incorporated companies, loans on bonds of