LAWS OF MARYLAND.

1843

concerns of the said corporation, and to carry into effect
the provisions of this act, the same not being contrary to
the constitution and laws of this State or of the United
States.

CHAP. 26.

Sec. 2. And be it enacted, That the capital stock of
said company, shall be and the same is hereby reduced to
one hundred and fifty thousand dollars, and shall consist of
two thousand shares of seventy-five dollars each.

Capital redu-
ced.

Sec. 3. And be it enacted, That the surplus of the pre-
sent capital stock of the said company, over and above the
sum of one hundred and fifty thousand dollars shall be paid
back to the present stockholders of the said company, their
legal representatives or assigns pro rata and in proportion
to the respective amounts of stock held by them.

Surplus to be
paid back..

Sec. 4. And be it enacted, That the stockholders shall
receive six per centum yearly on said reduced capital stock
of one hundred and fifty thousand dollars, which shall be
paid semi-annually, before any other disposition shall be
made of the income of said company, and in case of a
deficiency of means in any one year, to meet the said interest
the same shall be made good the succeeding year, or as soon
thereafter as the business and revenues of the company
will permit, it being the true intent and meaning of this
act, that should the said capital stock or interest not divided
thereon, be at any time required to meet any demands
against the said corporation, such amount shall be made
good to the stockholders before estimating or dividing the
profits of the business.

Stockholders
to receive six
per cent, &c.

Sec. 5. And be it enacted, That the officers of said
company, at the expiration of one year, which for the pur-
poses of this section shall commence on the first day of
February, eighteen hundred and forty-four, and within one
month thereafter, and within the first month of every subse-
quent year, shall cause an estimate to be made of the
profits of the business, and a true statement of the affairs
of said company, as far as may be for the preceding year,
and such profits shall be invested in any of the securities
authorized by the act to which this is a supplement; and no
part of such profits shall be withdrawn except as is here-
inafter provided, but shall be liable for all losses and
expences incurred by the company during the continuance
of its charter; but the interest accruing on such invest-
ments may be divided annually.

Officers, &c.

Sec. 6. And be it enacted, That in estimating the pro-
portion of profits to which each person effecting insurance
with this company, may be entitled annually, the stock-
holders of the capital stock of one hundred and fifty
thousand dollars, shall be deemed and held to have paid

Profits—
stockholders.