634

LAWS OF MARYLAND.

per annum, and any stockholder refusing or ne-
glecting to pay an instalment when required by
this charter, or by the Directors, shall forfeit all-
his interest in the company, and'be held liable for
his portion of any loss which may have occurred
previous to such neglector refusal.

In case of for-
feiture.

Sec. 3. And be it enacted, That should any for-
feiture occur it may be remitted by a majority of
the whole Board of Directors present at a meet-
ing, at which the motion for such remission shall
be made, upon the payment by the person incur-
ing a forfeiture of the principal of said instalment,
and interest thereon, up to the time of such pay-
ment, as also of his proportion of such loss as may

have occurred previous to such forfeiture.

Competent to
transact busi-
ness

Sec. 4. And be it enacted, That so soon as five
thousand shares are subscribed for and paid or se-
cured to be paid, this company shall be competent
to transact all kinds of business for which it is es-
tablished.

Directors.

Sec. 5. And be it enacted, That after the sub-
scription of five thousand shares, as provided for
in the aforegoing fourth section, the said John
Coates, Chauncy Brooks, William Bridges, Thomas
Y. Canby, Joseph Matthews, William Chesnutt,
John G. Hewes, James O. Spear, Simon Park-
hurst, John C. Bridges, William F. Pentz and A.
S. Chase are hereby created Directors in the said
Union Fire Insurance Company of Baltimore, until
the first Monday in April, eighteen hundred and
sixty-five, and until their successors shall be
elected, as hereinafter provided for, and such of
them as shall be present at their first meeting shall
proceed to organize the company by electing a
President, Vice President and a Secretary thereof.

Elections.

Sec. 6. And be it enacted, That the stockholders
comprising this company, or their representatives
by proxy, shall, on the first Monday in "April,
eighteen hundred and sixty-five, and on the same
day of each and every year thereafter, choose, by
ballot, from among the stockholders, twelve Di-
rectors, to serve one year, each stockholder to be
entitled to vote for every five shares of stock not
exceeding fifty shares, one vote for every ten shares
exceeding fifty, but no person or body politic shall