696

LAWS OF MARYLAND.

CHAP. 383

of the Chesapeake Life Insurance Company, 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 to use a common seal and to alter the same at its
pleasure; to make and adopt by-laws, rules and regulations
for the government of said body corporate and its officers,
agents and employees, and from time to time to amend the
same; provided, such by-laws, rules and regulations, or
amendments 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 necessary to carry out the objects and
purposes and to protect the interests of said body corporate,
and to exercise the power or powers by this Act conferred
upon it.

SEC. 2. And be it enacted, That the capital stock of said body
corporate shall consist of one thousand shares of the par value

Capital stock.

of one hundred dollars each, with the privilege to increase
the same from time to time by a vote of the stockholders, at a
special meeting or meetings to be called for the purpose, to
a sum not exceeding one million dollars; and the incorpora-
tors, 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
subscribers 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 pur-
pose whatsoever. The said body corporate shall not, how-
ever, begin the prosecution of any business under its charter
until the whole of the said stock, to the amount of one hun-
dred thousand dollars, shall have been subscribed and
actually paid in cash, and shall have invested either in
securities of the United States, of the State of Maryland or
of the city of Baltimore, or any other securities now or here-
after authorized by law, 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 pre-
scribed by Section 149 of Article 23 of the Code of Public