JOSEPH KENT, ESQUIRE, GOVERNOR.

1827

days after the passing of this act, first having given ten days
notice in two or more of the daily newspapers published in
the city of Baltimore, to open a book at some public and con-
venient place in said city, and therein to transcribe and insert
the names of all persons, being citizens or residents of this
state, who have in writing associated under the name and
style of the Maryland Company for insurances on lives, and
granting annuities and reversions, and shall also receive and
take in the said book the subscriptions of all such other per-
sons, being citizens or residents as aforesaid, as shall offer to
subscribe and join in the said association, together with the
number of shares by such persons respectively taken and sub-
scribed for,; and the said book shall be kept and remain open
for three successive days, from ten o'clock in the forenoon
until three o'clock in the afternoon of each of the said days,
for receiving the subscriptions aforesaid, after which time, if
the whole number of shares shall amount to five thousand, no
additional subscriptions shall be permitted or allowed by the
said commissioners, but if the whole number of shares then

CHAP, 189

so taken and subscribed for, shall exceed five thousand, all
subscriptions above five shares shall be reduced pro rata to
the number of five thousand; and if the whole number of
shares then taken and subscribed for shall not amount to five
thousand, the said commissioners may continue the said book

Excess of subscrip-
tions reduced.

open from day to day until the whole number of five thousand
shares are taken and subscribed for: Provided, That no person
shall within the first three days the books are open, either in
his own name or by agency, subscribe for a greater number

PtOriso.

than ten shares.
SEC. 2. And be it enacted. That the persons whose names
shall be so inserted in the said book, their successors and
assigns, shall be, and they are hereby created and constituted
a body politic and corporate, and by the name, style and title
of the Maryland Company tor insurances on lives, and grant-
ing annuities, and they and their successors are hereby or-
dained, constituted and declared to be a body politic and
corporate in fact and in law, by the name aforesaid; and they
and their successors shall and may have continual succession,
and be capable of suing and being sued, pleading and being
impleaded, answer and being answered unto, defending and
being defended, in all courts and places whatsoever, in all
manner of actions, suits, complaints, matters and causes
whatever; and they and their successors may have and use a
common seal, make, and change, and alter the same at their
pleasure, and also they and their successors, by the same
name and style, shall be in law capable of purchasing, hold-

Company toeorpfii
rated

ing, cultivating, improving and conveying any estate, real or
personal, for the use of the said corporation: Provided, That
the real estate shall be only such as shall be necessary to ac-
commodate the said corporation in the transaction of the

Proviso

business thereof, or shall be taken and held in security for
the payment of debts due to the said corporation; and the
said corporation shall have power to ordain and establish and

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