A. W. BRADFORD, ESQUIRE, GOVERNOR.

Thomas Whitridge, William Kennedy, Austin
Dall, James Carey, Charles A. Gambrill, and
Peter Mowell, together with the subscribers to the
stock of the Association, shall he and they are
hereby declared to be a body politic and corporate,
by the name and style of the Peabody Fire Insu-
rance Company of Baltimore, and by that name
shall have succession, and be capable in law to
sue, and be sued, plead and be impleaded, answer,
and be answered, defend and be defended, in all
Courts of Law and Equity, or elsewhere; to make
and use a common seal, and the same to alter or
renew at their pleasure, and generally to do and
perform all things relative to the object of this
Institution, which now is or shall be lawful for
any individual, or body politic or corporate to do.

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Sec. 2. And be it enacted, That the capital
stock of this Company shall consist of a sum not
exceeding three hundred thousand dollars, divided
into twelve tKousand shares of twenty-five dollars
each ; five dollars on each share to be paid at the
time of subscribing ; five dollars on each share in
t thirty days thereafter ; five dollars on each share
in sixty days thereafter; and the remaining ten
dollars on each share to be called for as the Presi-
dent and Directors, or a majority of them may

Capital stock.

direct-; provided, that fifteen days notice be given
in one or more daily newspapers in the city of
Baltimore, and that not more than five dollars on
each share shall be called for at any one time ; and
should any stockholder refuse or neglect to pay
an instalment, when required by the President
and Directors, or a majority of them, he shall for-
feit his interest in this Company and be held lia-
ble for his proportion of any loss which may have
occurred previous to such refusal or neglect, or in
consequence thereof.

Proviso.

Sec. 3. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of,
the Board of Directors, present at any meeting at
which the motion for such remission shall be
made, upon the payment by the person incurring
a forfeiture, of the principal of such instalment

Forfeitures
may be remit-
ted by Direc-
tors.

and interest thereon up to the time of said pay-
ment; provided, that nothing herein contained
shall be construed to release such stockholder from
the payment of such instalment or instalments of

42

Proviso.