774

LAWS OF MARYLAND.

SEC. 2. And be it enacted, That John B. Tidy,

T. J. Magruder, Leonard Passano, Elisha S. Heath,

David K. Shannon, Harvey L. Byrd, Francis W.

Incorporati'n

Heath, J. K. McCulloh, James C. Rogers, G. Mor-
ris Bond and Alfred E. Hatch, their associates,

successors and assigns shall be and they are here-

by incorporated a body politic under the name of

The Baltimore Mutual Life Insurance Company

of Baltimore, and under that name shall have per-

petual succession, sue and be sued, implead and

be impleaded, make and use a common seal, and

the same to break, alter, or amend at pleasure,

when and as they may think proper, exercise and

enjoy all the rights, privileges and immunities of

and appertaining to a body politic and corporate.

SEC. 3. And be it enacted, That the business of

the said corporation shall be to make insurance on

Make insur-

the lives of individuals, and every insurance apper-

ance.

taining thereto or connected with such risks, and

to grant, purchase or dispose of annuities.

SEC. 4. And be it enacted, That there shall be a

guarantee capital of at least one hundred thousand

Capital.

dollars, capital to.be divided into shares of twenty-

five dollars each, which shall be personal property,

transferable on the books of the company in con-

formity with its by-laws.

Guarantee
capital stock

SEC. 5. And be it enacted, That the said guarantee
capital stock shall be invested in the securities of

—how invest-

the United States, the State of Maryland or of the

ed.

city of Baltimore, either one or all of said securi-

ties, and the same deposited with the Treasurer of

this State as a guarantee for the payment of poli-

cies of insurance issued by said company, and the

said company may from time to time at its option

change the investment of said guarantee capital

subject to the restrictions of this section, and all

profits accruing from said securities so deposited,

whether from a change, sale or interest, shall be-

long to and be collected by said company.

SEC. 6. And be it enacted, That the said John B.

Commission-

Tidy, T. J. Magruder, Leonard Passano, Elisha S.

ers.

Heath, David R,. Shannon, Harvey L. Byrd, Francis

W, Heath, John K. McCulloh, James C. Rogers,