JOHN WALTER SMITH, ESQ., GOVERNOR.

895

SEC. 7. And be it enacted, That the stock of said corporation
may be assigned or transferred on the books of the corporation
in person or by attorney only, but no stockholder indebted to
the corporation shall be permitted to make a transfer of his
stock or receive any dividend until such debt be paid or
secured to the satisfaction of the president and directors.

CHAP. 614.

Stock may be
assigned or
transferred,
ecc.

SEC. 8. And be it enacted, That no stockholder of this body
corporate shall be answerable, in person or individual property,
for any contract of said corporation or for any loss or defi-
ciencies or failure of the capital stock, but the whole of said
capital stock, together with all the property, rights and credits
belonging thereto, shall be answerable for the debts and liabili-
ties of said corporation.

Capita! stock,
etc., liable
for debt.

SEC. 9. And be it enacted, That as soon as one thousand
shares are subscribed for, and the sum of twenty thousand
dollars paid or secured to be paid, this corporation shall be
competent to transact all kinds of business for which the same
is established.

When
competent to
transact
business.

SEC. 10. And be it enacted, That the said body corporate
shall be capable in law to insure real estate and personal prop-
erty and effects against loss or damage by fire and lighting,
under such terms and conditions as may be by said body cor-
porate adopted and embodied in the contract or policy of
insurance.

Insurance on
property.

SEC. 11. And be it enacted, That the said body corporate
shall have authority to make and effect marine insurance, to
insure vessels, cargoes and other property against loss or
damage by wind, wave and water, while in transit or at
harbor, and may make such by-laws and regulations concern-
ing liability for such loss or damage as may be deemed
necessary.

Authority to
make and
effect marine
insurance.

SEC. 12. And be it enacted, That the said company shall
have authority and may take insurance on any kind of prop-
erty against loss or damage occasioned by lightning, whether
fire shall result therefrom or not, and may make such by-laws
and regulations concerning liability for loss or damage by
lightning as may be deemed necessary.

Insurance
from
loss by
lightning,
etc.

SEC. 13. And be it enacted, That the said body corporate
shall have the right to purchase, improve, lease, mortgage,
hold, sell and dispose of property, real, personal or mixed ;
to borrow or loan money on mortgage or otherwise ; to make
advances upon buildings and lands ; to loan on collateral or
private securities, and to do all other acts that may be promo-
tive of the interest of said body corporate, in so far as they
shall not be in conflict with the laws of the United States and
the State of Maryland.

Authority to
purchase,
hold and sell
property,
etc.