LAWS OF MARYLAND.

1842

bly of Maryland, that the Maryland Insurance Company
intend winding up their affairs, and for that purpose require
a modification of their charter-therefore,

CHAP. 75.

SECTION 1. Be it enacted by the General Assembly of Ma-
ryland, That the, said company are hereby authorized and
empowered to wind up their affairs, for which purpose they
may exercise all the corporate powers and privileges here-

Empowered
to wind up.

tofore granted to them.
SEC. 2. And be it enacted, That in case at any time
hereafter, an election of Directors shall not be had at the
time, and in the manner provided in the act to which this
is a supplement, it shall be the duty of the directors for
the time being, to call a meeting of the stockholders for
that purpose, from time to time, after giving at least ten
days notice thereof, until such election shall be had, and the
board of directors for the time being, shall continue to act
as such until such new election, and the qualification of
their successors, and in case no meeting be called by the
directors, any stockholder may call a meeting for such elec-
tion whenever the regular day has passed by without an.
election.

Directors to
call meeting,

&c.

SEC. 3. And be it enacted, That after the said compa-
ny shall have wound up their affairs by the distribution of
the assets in hand or otherwise, they may still proceed in
their corporate capacity to collect all debts due to them by
suitor otherwise, and in like manner, from time to time, do
all other corporate acts necessary for the proper applica-
tion and distribution of the said outstanding assets, for
which purpose, the said company shall he deemed and ta-
ken to be in full existence, but nothing in this act shall be
construed to impair the obligation of the said company, or
of the individual stockholders for the payment of the debts
which may be due at the time of the dissolution of the said
company.

Company
may collect
debts.

SEC. 4. And be it enacted, That the eleventh section
designated as the twelfth section of the act to which this is
a supplement, be and the same is hereby repealed. And it
shall not be necessary hereafter to renew the stock notes
annually as heretofore provided in the act to which this is a
supplement, but the president and directors may require
any such note to be renewed from time to lime, if they
may deem such renewal expedient.

Repealed,

SEC. 5. And be it enacted, That this act shall be in
force from and after its acceptance by the majority of the
stockholders of the company in general meeting to be call-
ed on ten days notice for the purpose of taking the same
into consideration, and the filing of the same under their
corporate seal in the office of the Secretary of State.

Ten days no-
tice.