THOMAS SWANN, ESQUIRE, GOVERNOR.

shall he paid upon notice duly given, and when-
ever the said directors shall determine to increase
the capital stock over and above the sum of two
hundred and fifty thousand dollars, they may
authorize a further subscription of stock, not ex-
ceeding five thousand additional shares, at fifty
dollars per share, payable in like instalments,
giving sixty days notice of the payment of each
instalment, and any subscriber refusing or neglect-
ing to pay an instalment as herein provided, shall
forfeit all his interest as a stockholder in the com-
pany, and be held liable for his proportion of any
loss which may have occurred previous to such
neglect or refusal; provided, that such forfeiture
may be remitted by the directors upon the payment
of the principal and interest thereon, and the pro-
portion of loss which may have occurred, if appli-
cation be made for such remittance within six
months from the time the forfeiture occurred.

75

Sec. 3. And be it enacted, That so soon as one
thousand shares are subscribed and the first instal-
ment of said subscription paid, the said United
States Fire and Marine Insurance Company of Bal-
timore shall be competent to transact all kinds of

Competent to
transact busi-
ness.

business for which it is established, and the said
R. K. Howley, James T. Randolph, James G.
Ramsey, Charles T. Morris, John S. Gilman, John
J. Abrahams, John W. Randolph, Caleb B. Hynes,
William H. Cathcart, George A. Coleman and
Thomas Booz, are hereby created directors in said
company until the third Monday in July, eighteen
hundred and sixty-six, and until their successors

Directors.

shall he elected; any five of whom may be present
at their first meeting, shall proceed to organize by
the appointment of a President, a Vice President
and a Secretary of said company, and the stock-
holders, or their legal representatives, shall, on
the third Monday in July in each and every year,
choose by ballot from among the stockholders, the
number of directors designated by the by-laws to
serve one year and until their successors are elected;
each stockholder to be entitled to one vote for each
share held by them respectively for thirty days
previous to an election for directors; at their first
meeting after an annual election, the directors shall
choose a President and Vice President or direc-

Organization.

tors; the directors shall fill such vacancies for the
remainder of the year; should it so happen that an

Vacancies,