1827

LAWS OF MARYLAND,

CHAP, 69

of The Neptune Insurance Company, and by the same name
shall have perpetual succession, and shall be able to sue and
be sued, implead and be impleaded, in all courts of law or
equity in this state, or elsewhere, and to make and have a
common seal, and the same to break, alter or renew, at their
pleasure, and also to ordain and establish such by-laws, or-
dinances and regulations as shall appear necessary for regu-
lating the concerns of the said corporation, not being con-
trary to this act, or to the constitution and laws of this state-
or of the United States.

Capital Stock—
payments thereon,

-transfers

SEC. 2. And be it enacted, That the capital stock of the
said company shall consist of the sum of two hundred thou-
sand dollars, to be divided into two thousand shares each
of one hundred dollars. The amount of each share shall
be paid to the said company as follows: five dollars thereof
shall be paid within five days after the first election of direc-
tors as hereinafter provided for; — twenty dollars in three
months after the said election; — twenty five dollars in six
months- — twenty five dollars in nine months, — and twenty five
dollars in twelve months after the said first elevation. And
the last mentioned four payments shall be secured by endorsed
promissory notes, to be approved by the company. And in
case default shall be made in the payment of any of the pro-
portions aforesaid, of any share at the times limited for pay-
ment as aforesaid, it shall be lawful for the company to sell
and dispose of the said share, and the persons so failing shall
be held liable to said compaiw for any deficiency upon such
sale or disposition from the amount of such share, and all
damage for or arising from such default aforesaid, the amount
of such deficiency or damage to be deducted out of any sum
that shall have been paid to said company by such defaulters
for said share, and to be recovered from said defaulters so far
as the sum paid shall not suffice to satisfy such deficiency or
damage, and such default shall accordingly work a forfeiture
of the right of said persons to every share unpaid for as afore-
said, but not of the money paid in; and said persons shall
thereupon cease to be members of said corporation. The shares
of said stock shall be transferable and assignable on the books
of the corporation, and not otherwise, by the holder person-
ally, or by his attorney, subject to the provision and condition
hereinafter mentioned.

Directors — presi-
dent officers

SEC. 3. And be it enacted, That for the well ordering the
affairs, and transacting the business, and carrying into effect
the objects of said corporation, there shall be twelve directors,
being stockholders therein, bona fide owners of at least ten
shares of the stock thereof, residents of the city of Baltimore,
and not directors of any other company usually making marine
Insurances. The said twelve directors shall be chosen by
ballot on the second Monday in February, in the year eighteen
hundred and twenty eight, and on the same day in every year
thereafter, by plurality of votes of the stockholders present,
in person or by prosy, each stockholder having as many votes
as he may hold shares and the directors so chosen shall serve