1637.

LAWS OF MARYLAND.

CHAP. 53.

Corporation
created.

SECTION 1. Be in enacted by the General Assembly of
Maryland, That the persons now constituting the
American Life Insurance and Trust Company, shall
continue to be a body politic and corporate, by the

Style.

name and style of ''The American Life Insurance and
Trust Company," and by that name and style, shall

Corporate pow-
ers.

be capable of suing and being sued, in any court of
law, and equity of this State, or the United States: of
purchasing, holding, improving or conveying any
estate, real, personal or mixed; to make, have, and use
a common seal, and the same to change or renew at
pleasure; and generally to do every act or thing neces-
sary to carry into effect this act, or to promote the ob-
ject and design of this corporation, which may not be
inconsistent with the constitution and laws of this
State, or of the United States.

Capital $2,000
000.

SEC. 2. And be it enacted, That the capital of the
said company shall continue to be two millions
of dollars: and be divided into shares of fifty dol-
lars each: the shares shall be held and deemed as per-
sonal estate, and shall be transferable, on the books of
the company, at such places and in such manner as the
president and trustees shall direct.

One half inves-
ted.

SEC. 3. And be it enacted, That one half of the said
capital shall continue to be invested in public securi-
ties, bonds, ground rents and mortgages, upon other-
wise unincumbered real estate, and the residue may be
invested in stocks and in real or personal securities,
but no such investment shall be made in the stock of

Restriction.

any one private incorporated company beyond the
amount of twenty thousand dollars.

Annual tax
payable to
Free School
fund.

SEC. 4. And be it enacted, That the said company shall
pay annually on the first Monday of January, in each
year, to the Treasurer of the Western Shore, the sum
of twenty cents on every hundred dollars of the present
capital, and the same sum on every hundred dollars of
any future increase of such capital, to be applied by the
said Treasurer in augmentation of the Free School
Fund, and distributed in the same manner as the simi-
lar tax on Incorporated Banks in the City of Balti-
more is now distributed, and in case of the failure of
said company or of the President and Trustees thereof,
to make such payment for the space of six months af-