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LAWS OF MARYLAND.
18. And be it enacted, That every house
insured by this company
that is destroyed by means of fire, from the first floor upwards,
shall be deemed as demolished; and it shall be lawful for
the directors in such case to order the money insured thereon to
be paid within three months after the notice given of the loss
aforesaid. |
39
Dec. Ses. 1825.
Injury defined—
demolished. |
19. And be it enacted, That in case
of a partial destruction
by fire, the loss shall be determined by assessors appointed as
follows; the person whose property is insured shall have the
privilege of selecting one disinterested person, the board of directors
of this association shall select another—should these
two persons disagree in their valuation of a loss they shall select
another disinterested person; and their award shall be final. |
Partial injur. |
20. And be it enacted, That the president
and directors shall
have power and authority to appoint a secretary, and such other
clerks and officers under them as shall be necessary for transacting
the business of said institution, and may allow them such
salary as they shall judge reasonable; to ordain and establish
such bye-laws, ordinances and regulations, as shall appear to
them necessary for regulating and conducting the concerns of
said institution, not being contrary to, or inconsistent with this
act, the constitution and laws of this state or of the United
States; they shall keep full, fair and correct entries of their
transactions, which shall be at all times open to the inspection
of the stockholders; they shall also have power to hire or purchase
a suitable building, or buildings in the city of Baltimore,
for the purpose of transacting the affairs of the institution; and
generally to conduct the entire business thereof. |
Powers conferred. |
21. And be it enacted, That no stockholder
or member of this
said company, shall be answerable in his person or individual
property for any contract or agreement of said company, or for
any losses, deficiencies, or failures of the capital stock of this
company, but the whole of the said capital stock together with
all property, rights and credits belonging thereunto, and nothing
more, shall at any time be answerable for the demands against
said company. |
Individual
responsibility
avoided. |
22. And be it enacted, That the stock
of this institution may
be assigned and transferred on the books of the company, in
person or by power of attorney only; but no stockholder indebted
to the company shall be permitted to make a transfer, or receive
a dividend, until such debt is paid or secured to the satisfaction
of the president and board of directors. |
Transfer. |
23. And be it enacted, That the mayor
and city council of
Baltimore, shall have the privilege of subscribing for nay number
of shares of stock of this association, not exceeding one
thousand; provided the subscription be made within twelve
months after this company shall commence business. |
City of Baltimore
may
subscribe |
24. And be it enacted, That the president
and directors may
call a general meeting of the stockholders for any purpose relative
to the affairs of the institution, giving at least two weeks
notice thereof in the daily newspapers of the city of Baltimore; |
General
meeting. |
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