1845.

LAWS OF MARYLAND.

CHAP. 372.

Proviso.

upon the decease of a stockholder, his share, or shares
shall become extinct; provided, that the stock shall not
be disposed of, as provided for in section eleven, and the
actual value of such share or shares at the time of his de-
cease, together with all profits due thereon to him, shall
he paid within six months after such extinction to his
heirs, executors, administrators or assigns; and the di-
rectors shall have power to create and dispose of shares
equal to the number so extinguished, by the death of the
said stockholder.

Transfers may
be made by
stockholders
to company.

SEC. 13. And be it enacted, That transfers of stock
may be made by any stockholder to the company, or to
an active member or members of the fire company to
which he or they may belong, or to the Baltimore United
Fire Department, or to any other fire company and the
active member or members thereof, but no transfer shall
be valid which is made to any other than an active mem-
ber or members of a fire company.

Active or ho-
norary mem-
bers may ef-
fect insuran-
ces.

SEC. 14. And be it enacted, That any member active
or honorary of any of the companies belonging to the
association, shall be entitled to effect insurances at a dis-
count of five per cent, less than other persons, upon pro-
ducing to the satisfaction of the directors, a certificate of
his right of membership; and all the companies associat-
ed, or who may hereafter associate under this act within
the city of Baltimore, shall be entitled to an equal par-
ticipation in all the benefits and advantages of the asso-
ciation, in proportion to the amount of stock held by
such company.

Managed by a
President and
Board of Di-
rectors.

Provisoes.

SEC. 15. And be it enacted, That the affairs of this as-
sociation shall be managed by a president and a board of
directors, all of whom shall be stockholders, to be elects
ed as follows: one director on the part of the Baltimore
United Fire Department; provided, said department is,
and continues to be a stockholder to an amount of stock
not less than five hundred shares; one from each fire com-
pany, provided each fire company, together with the
stockholders in said company, hold an amount of stock
not less than five hundred shares; and should it so hap-
pen that the number of shares of stock held by the Bal-
timore United Fire Department, or in any one fire com-
pany, shall become less than five hundred shares, then
said Baltimore United Fire Department, or Said fire com-
pany, shall not be entitled to the election of a director un-
til the amount of shares held thereby, shall be increased
to the said number of five hundred shares.