368

LAWS OF MARYLAND.

S. Corkran, together with the subscribers to the
stock of this company, and their successor's, shall
be and are hereby declared to be a corporatiori
and body politic by the name and style of the
Continental Life Insurance Company, and by that
name shall have succession, and be capable in law
to sue and be sued, plead and be impleaded, an-
swer and be answered, defend and be defended, in
all courts of law or equity in Maryland or else-
where, to make and use one common seal, and the
same to alter or renew at pleasure, and to do all
things relative to the object of this corporation,
which now is or shall be lawful for any individual
or corporation.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of the said company shall consist of five hundred
thousand dollars, divided into shares of the value
of ten dollars each, but the same may from time
tb time be increased by the Board of Directors to
an amount not exceeding in the aggregate one
million of dollars.

Books to be
opened.

Sec. 3. And be it enacted, That the above named
Commissioners, or any ten of them, shall open
books of subscriptions to the capital stock of said
company, (two dollars on such share to be paid at
the time of subscribing,) and as soon as not less
than ten thousand shares shall have been sub-
scribed, they shall, by public notice for ten days in
a newspaper published in the city of Baltimore,
call a meeting of the stockholders, for the purpose
of choosing the first Board of Directors, and when
the said Board of Directors, or a majority of them
have duly qualified, shall hand over to them all
funds and papers belonging to the institution.

Management
of affairs.

Sec. 4. And be it enacted, That the affairs of
this company shall be managed by a President
and Board of Directors, (a majority of whom shall
constitute a quorum,) composed of twenty-five
stockholders to be elected annually, after the first
election shall have taken, place, who shall hold
their offices for the term of one year, and until
their Successors shall have been elected, and a
majority of them qualified, and the said President
and Directors previou to entering on the Duties of
their offices, shall take an oath or affirmation to
faithfully and honestly fulfill the duties of the