JOHN WALTER SMITH, ESQ., GOVERNOR.

413

Schloss, Charles L. Hutchins, Robert C. Cole and Charles W.
Field, and the subscribers to the stock of the corporation
hereby created, and their successors and assigns, be and they
are hereby created a body corporate, by the name of the Cal-
vert Life Insurance and Security Company of Baltimore,
Maryland, and by that name shall have perpetual succession,
and shall be competent to sue and be sued in any Court of Law
or Equity whatever; to have and use a common seal and to
alter the same at its pleasure, and to make and adopt a consti-
tution and by-laws for the government of said body corporate
and its officers, agents and employes, and from time to time to
amend the same ; provided, such constitution, by-laws or
amend ments thereto shall not conflict with the Constitution
and laws of this State or of the United States ; to elect or
appoint directors and officers, and, generally, to do, execute
and enforce all and singular such acts, contracts, matters and
things as may be neccessary to carry out the object and pur-
poses and to protect the interests of said body corporate, and
to exercise the power or powers by this Act conferred upon it ;
the office of this corporation shall be located in Baltimore city,
Maryland.

CHAP 297.

Body
corporate.

SEC. 2. And be it enacted, That the capital stock of said
body corporate shall consist of one thousand shares of the par
value of one hundred dollars each, with the privilege to
increase the same from time to time by a vote of the stock-
holders at a special meeting or meetings, to be called for the
purpose, to a sum not exceeding five million dollars ; and the
incorporators, or a majority of them, named in this Act, shall
have power to open books or subscriptions at such times and
places in the city of Baltimore and elsewhere as they may
deem expedient, and they shall have power to compel all sub-
scribers to said stock to pay therefor at par, or at such sum above
par as they may decide ; and when the par value, or such sum
above par as may be agreed upon on any share shall have been
fully paid, the same shall thereupon become non-assessable and
non-liable for or on account of any purpose whatsoever. The
said body corporate shall not, however, begin the prosecution
of any business under its charter until the whole of its said
stock, to the amount of one hundred thousand dollars, shall have
been subscribed and actually paid in cash, and shall have been
invested either in securities of the United States, of the State of
Maryland, or of the city of Baltimore, and the same have been
deposited in the treasury of this State as a guarantee for the
payment of the policies of insurance issued by said company,
as prescribed by section 116 of Article 23 of the Code of
Public General Laws of this State; and thereupon, the

Capital stock.