1845.

LAWS OF MARYLAND

CHAP. 125.

Legal capaci-
ty.

tual succession, and shall be able to sue and be sued,
plead and be impleaded in all courts of law and equity in
this State, or elsewhere, and to make and have a com-
mon seal, and the same to break, alter and renew at their
pleasure, and also to ordain ami establish such by-laws,
ordinances and regulations, as shall appear necessary
for regulating the concerns of the said corporation not
being contrary to this act, or to the constitution and laws
of this State or of the United States.

Premium to
the amount of
$25, 000.

SEC. 3. And be it enacted, That no policy of marine
or fire insurance shall be issued until application shall
have been made for such insurance to an amount which
shall require, and on which shall be paid or secured 1o
be paid, at rales established by said company, premium
to the amount of twenty-five thousand dollars, and until
the expiration of this charter, no division of any funds
received by or remaining in the hands of said company
shall be made, except as shall hereinafter be provided
for; but such funds shall be invented in securities and
stocks, as hereinafter provided for.

Subscriptions
not to exceed
$60, 000.

SEC. 3. And be it enacted, That the said company for
the better security of its dealers, may receive subscrip-
tions of a stock loan to an amount not exceeding sixty
thousand dollars, to be paid in such manner as said com-
pany shall direct, but in sums not less than twenty dol-
lars, and if over that amount, in even sums of twenty
dollars, the subscribers to receive certificates therefor, to
be designated certificates of stock loan; the holders of
said certificates of stock loan, shall receive six per centum
yearly, on the amount thereof, which shall be paid semi-
annually, before any disposition of the funds of the com-
pany shall be made among the policy holders, or the
holders of the scrip certificates as hereinafter provided;
and in case of a deficiency of means in any one year

Make good.

to meet the said interest, the same shall be made good
in the succeeding year, or as soon thereafter as the busi-
ness and resources of the company will permit; it being
the true intent and meaning of this act, that should the
said sum of sixty thousand dollars, or more or any part
thereof, or the interest not divided thereon, be at any
time required to meet any demands against said company,
such amount shall be made good to the holders of such
certificates of stock loan, before estimating or dividing
the profits of the business, and that said sixty thousand
dollars or more, with all interest thereon which shall then
be due, shall on the winding up of this company and be-
fore any payments shall be made to the holders of said