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LAWS OF MARYLAND.
the number so extinguished by the death of the said stockholder. |
37
Dec. Ses. 1825. |
9. And be it enacted, That transfers
of stock may be made by
any stockholder, to the company or to a member of members of
the fire company to which he or they may belong, or to any other
fire company or any member or members thereof, but no transfer
shall be valid which is made to any other than a member or
members of a fire company. |
Transfer of
stock. |
10. And be it enacted, That every member
of any of the companies
belonging to the association, shall be entitled to effect insurances
at a discount of five per cent. less than other persons
upon producing to the satisfaction of the directors, a certificate
of his right of membership; and all the companies associated or
who may hereafter associate under this act within the city of
Baltimore, shall be entitled to an equal participation in all the
benefits and advantages of the institution, in proportion to the
amount of stock held by such company. |
Insurance for
members. |
11. And be it enacted, That the affairs
of this company shall
be managed by a president and a board of directors to be elected
as follows, all of whom shall be stockholders, who previous
to entering on the duties of their respective offices, shall take
the following oath or affirmation—I, A. B. do swear (or affirm
as the case may be) that I will faithfully, diligently, impartially
and honestly fulfil the duties of my office of _____ _____ to the
best of my knowledge and ability. Each fire company holding
together with the members thereof, one hundred and seventy-five
shares of stock and not more than five hundred, shall be entitled
to elect one director. Any fire company holding together
with the members thereof, more than five hundred shares
shall be entitled to elect two directors. Any company together
with the members composing it, holding less than one hundred
and seventy-five shares of stock, shall not be entitled to the election
of a director, and should it so happen that the number of
shares of stock possessed by any one company together with
the members composing it, shall become less than one hundred
and seventy-five, then and in that case, the said company shall
not be entitled to the election of a director until the amount of
shares held thereby be increased to the said number of one
hundred and seventy-five. |
Officers—
oath—Directors
appointed. |
12. And be it enacted, That no director
of any other fire insurance
company, shall be allowed to be a director of this; and
should any director of this company be elected a director of any
other fire insurance company, his acceptance of that appointment
shall, ipso facto, disqualify him from continuing a director
of this company; and the company from which such director
shall have been delegated, shall proceed to fill up the vacancy
as is hereinafter provided. |
Directors of
other insurance
companies
disqualified. |
13. And be it enacted, That the respective
companies composing
this association who my be entitled to the election of one
or more directors, shall hold seperate meetings for the first
election of directors, within two weeks after the aforesaid
amount of four thousand two hundred shares of stock shall be
subscribed for, and on the first Monday in January in each and |
Election of
directors—
Votes &c. |
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