1849.

LAWS OF MARYLAND.

CHAP. 154.

stock have been subscribed for, and the instalment
aforesaid has been paid in, and the residue of said
subscription has been secured as aforesaid, the said
corporation may exercise all the powers and privileges
conferred by this act.

How capital
may be invest-
ed.

SEC. 5. And be it enacted, That the capital stock of
said corporation shall be invested at the discretion of
the directors, either in loans upon bonds and mort-
gages on unincumbered real estate, in stock of the
United States, of the State of Maryland, of the city of
Baltimore, or of any Bank in the State of Maryland,
or may be loaned upon endorsed promissory notes,
not having more than twelve months to run, and the
same may be called in and re-loaned on the like se-
curity as occasion may require.

Annual state-
ment.

SEC. 6. And be it enacted. That the directors of said
corporation shall, on the first Monday of January, an-
nually, cause a statement to be, made, and a balance
struck of the affairs of said corporation, and if there
shall be any ascertained profits, after paying all the
losses and expenses of the year preceding, and pro-
viding for outstanding risks, they shall first set apart
from said profits, and divide among the stockholders
a sum equal to an interest of six percent per annum,
on the amount of capital stock actually paid in on the
stock severally held by them.

Dividends, &c.

SEC. 7. And be it enacted, That after providing for
risks, losses, incidental expenses, and dividends, as
specified in the preceding section, one half of the
remaining profits, if any, shall be reserved by the di-
rectors, and applied towards the payment of the capital
stock which shall have been subscribed for before the
striking of the balance of the affairs of said corpora-
tion as aforesaid, and the other half of said remaining
profits may be divided among the stockholders.

Not individu-
ally liable.

SEC. 8. And be it enacted, That every person who
shall subscribe to the stuck of this company, or effect
insurance therein, shall pay the rates that shall be
agreed upon and determined by the directors, no
stockholder or person insured, shall be liable for any
losses or expenses beyond the amount of stock which
he may have subscribed for, or the amount of his
premiums paid in...

Right reserved.

SEC. 9. And be it enacted, That this act may be
altered, amended, or repealed, at the pleasure of the
General Assembly.

Banking forbid.

SEC. 10. And be it enacted, That nothing in this
act contained shall be so construed as to authorise
aid company to engage in the business of banking,