| 36
Dec. Ses. 1825. |
JOS KENT, ESQ. GOVERNOR.
of the principal of said installment, and the interest thereon up
to the time of such payment, as also of his proportion of such
loss as may have occurred previous to such forfeiture. |
| Future instalments. |
4. And be it enacted, That the president
and directors shall
not call on the stockholders for any part of the remaining sixteen
dollars per share, secured to be paid as above mentioned,
unless the exigences of the company shall require it, and then
only in such proportions as the said stockholders are severally
interested, taking care always to give sixty days notice thereof
in the daily papers in the city of Baltimore. |
| When competent. |
5. And be it enacted, That so soon
as four thousand two
hundred shares are subscribed for and paid or secured to be
paid, the company shall be competent to transact all kinds of
business for which it is established. |
Subscription
from respective
fire companies
regulated. |
6. And be it enacted, That each fire
company in the city of
Baltimore, shall be entitled to subscribe by itself for its own
use, in its corporate capacity, or by means of trustees, for the
use of said company; or the members of a company may, in
their individual capacity, for the use of themselves or the company
or companies to which they belong, subscribe for an
amount of stock not to exceed in the whole fifteen hundred
shares for each company. Each company shall open books of
subscription for the same on the first Monday of June, eighteen
hundred and twenty-six, and shall deliver the said books and
the money paid on the subscriptions, to the board of directors,
so soon as they shall be appointed and prepared to receive the
same. |
Case of their
neglect. |
7. And be it enacted, That if any fire
company, together
with its members, shall not subscribe for the number of fifteen
hundred shares of stock allotted to them within the space of
three years from the time the books may be opened for subscription,
the residue of shares between the amount of their subscription
and the said fifteen hundred shares may be subscribed
for and taken by the other fire companies, or the members thereof,
in equal portions to each company, or in such manner as the
directors may determine. |
Stock to be
held only by
fire companies
or members
thereof;
Case of death. |
8. And be it enacted, That no person
other than a member of
a fire company, shall be entitled to purchase or hold any part of
the capital or joint stock of this company; and the share or
shares of a stockholder ceasing to be a member of a fire company,
shall be purchased at their actual value by the company to
which the said stockholder belonged; or by the members thereof
for their own use, or for the benefit of the said company; or
by the board of directors of this association, and may be disposed
of by them for its benefit. Upon the decease of a stockholder,
his share or shares shall become extinct; his stock notes
shall be cancelled, and the actual value of such share or shares,
at the time of his decease, together with all profits due thereon to
him, shall be paid within six months after such extinction to his
heirs, executors, administrators or assigns; and the directors shall
have power to create and dispose of a number of shares equal to |
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