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GERMAN FIRE INSURANCE COMPANY OF
THE CITY OF BALTIMORE—
into operation, &c. ; any stockholder re-
fusing or neglecting to pay an instal-
ment when lawfully required, shall for-
feit all interest in the company, and be
liable, &c., Sec. 2.
Forfeiture may be remitted by a ma-
jority of the whole board, the person
forfeiting paying interest and principal
up to the time of payment, Sec. 3.
When twenty-five hundred shares are
subscribed for and paid in or be secured
to be paid, the company shall be com-
petent to transact business, Sec. 4.
The stockholders or their representa-
tives, by proxy, shall meet on the first
Monday in March, eighteen hundred
and sixty-six, and on same day in each
and every year thereafter, elect twelve
Directors to serve until the following
first Monday in March, aad until others
are chosen; they shall elect a President
and Vice-President, Sec. 6.
Failure to elect not to dissolve the
company, but election may be lawfully
held at some other convenient season,
&c., Sec. 7.
Authorized to make all kinds of fire
and inland insurance, and re-insurance
upon any of the risks taken by them, &c.
Sec. 8.
Dividends may be declared semi-annu-
ally, or so much as may seem advisable;
reservations to meet losses, &c., Sec. 10.
Officers to be appointed and salaries
allowed at the discretion of the Presi-
dent and Directors, Sec. 11.
Full and fair accounts to be kept to
be opened at all times to the inspection
of the stockholders; an annual statement
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