786

LAWS OF MARYLAND.

duties and fix the compensation of all officers; to invest the
funds as they shall deem proper; to issue policies of insurance
on real, personal and mixed property and effects, against loss
or damage by fire, and, generally, to do any other act or acts

By-laws.

touching the interests of the corporation that they may deem
most safe and advantageous; to admit members, upon such
terms and conditions as the by-laws may prescribe, and to make
all such by-laws as may be deemed necessary for the exercise
of the aforesaid powers invested in said corporation, and the
same to alter and repeal at pleasure; provided, always, that
such by-laws shall not be contrary to any law of this State or
of the United States; the powers of the directors shall, how-
ever, always be under the control of the shareholders, at any
general meeting regularly called.

Capital stock.

SEC. 4. And be it enacted, That the capital stock of this com-
pany shall not exceed two hundred thousand dollars, divided
into two thousand shares of the par value of one hundred dol-
lars each, to be paid by each member or stock holder at the
time of subscribing, which he may however increase, diminish or
with the consent of the directors, discontinue; but before such
diminution or discontinuance shall be allowed, all back dues and
fines must be paid to the date of his subscription, and every
member or stockholder in person or by proxy, shall have one
vote for each share he may hold.

Ineligible as
president,
etc.

SEC. 5. And be it enacted, That no one shall be eligible as
president, vice-president, secretary or director who is not a bona
fide holder of at least ten shares of the stock of this corporation
which, upon his ceasing so to hold it, shall be the duty of the
directors to declare his or their offices vacant, and to fill the va-
cancy.

When busi-
ness may be
begun.

SEC. 6. And be it enacted, That as soon as one thousand
shares are subscribed for, and the sum of one hundred thousand
dollars paid or secured to be paid this corporation, shall be com-
petent to transact all kinds of business for which the same is
established.

liability of
Stockholders.

SEC. 7. And be it enacted, That no stockholder of their com-
pany shall be answerable in person or individual property for
any contract of said company or for any loss or deficiencies or
failures of the capital stock of this company, but the whole of
said capital stock, together with all the property rights and
credits belonging thereto be answerable for debts and liabilities
of said company.