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LAWS OF MARYLAND.
to establish and become members of these associations, and the
beneficial effects resulting therefrom, and to enable them more
effectually to perform the duties imposed upon them as members
of fire companies, have formed themselves unto an association,
under the name of the " Fireman's Insurance Company
of Baltimore," Therefore, |
35
Dec. Ses. 1825. |
Sec. 1. Be it enacted by the General Assembly
of Maryland,
That William Jessop and Isaac Hayward, of the Liberty;
George Bazley and George Pouder of the New Market; William
E. George and Samuel T. Matlack, of the first Baltimore;
Thomas Tenant and Elisha Tyson, of the Union; Erasmus Uhler
and F. Seyler, of the United; Jesse Hunt and David U.
Brown, of the Washington; Thomas S. Sheppard and Hezekiah
Niles, of the Mechanical; J. I. Cohen, junior, and Peter Neff, of
the Patapsco; Samuel McKim and Richard Reynell, of the
Friendship; Rossiter Scott and James Clark, of the Independent;
William Steuart and William McDonald, of the Vigilant;
James B. Stansbury and Isaac Atkinson, of the Columbian;
John Wilson and David R. Wilson, of the Deptford; and James
Biavs and B. U. Campbell, of the Franklin Fire Companies;
and the subscribers to the stock of this association, and their
successors shall be, and they are hereby declared to be a body
politic and corporate, by the name and style of " The President
and Directors of the Fireman's Insurance Company of Baltimore,"
and by that name shall have perpetual succession, and
be capable in law to sue, and be sued, plead and impleaded,
answer and be answered, defend and be defended, in all courts
of law or equity, or elsewhere; and to make and use one common
seal, and the same to alter or renew at their pleasure, and
generally to do and perform all things relative to the objects of
this institution, which now is or shall be lawful for any individual,
or body politic or corporate to do. |
Incorporation. |
2. And be it enacted, That the capital
stock of this company
shall consist of a sum not exceeding five hundred thousand dollars,
divided into twenty-five thousand shares, at twenty dollars
each: Two dollars shall be paid on each share at the time of
subscribing; four months after such subscription and payment,
a further instalment of two dollars shall be paid on each share of
stock and notes payable on demand with security, to be approved
of by the president and directors for the time being, shall
be given for the remaining sixteen dollars. The said notes
shall be renewed whenever the directors may consider it proper;
and any stockholder neglecting or refusing to renew his
note, or neglecting or refusing to pay an instalment when required
by the directors, shall forfeit all his interest in this company,
and be held liable for his proportion of any loss which
may have occurred previous to such neglect or refusal. |
Capital
$500,000; subscriptions
&c. |
3. And be it enacted, That should any
forfeiture occur, it may
be remitted by a majority of the whole board of directors present
at the meeting at which the motion for such remission shall
be made, upon the payment by the persons incurring a forfeiture, |
Forfeiture
may be remitted. |
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