1849.

LAWS OF MARYLAND.

CHAP. 194.

Henry A. Thompson, John W. Ross, Coleman Yel-
lott, G. Av. Spreckelson, William H. Congling, to-
gether with the subscribers of the stock of the asso-
ciation and their successors, shall be and they are
hereby declared to be a body politic and corporate, by
the name and stylo of the National Fire Insurance
Company of Baltimore, and by that name shall have
succession, and be capable in law to sue and be sued,
plead and be impleaded, answer and be answered,
defend and be defended, in all courts of law or equity,
or elsewhere, to make and use one common seal, and
the same to alter or renew at their pleasure, and gene-
rally to do and perform all things relative to the ob-
ject of this institution, which now is, or shall be law-
ful for any individual or body politic or corporate to
do.

Capital stock.

SEC. 2. And be it, enacted, That the capital stock of
this company shall consist of a sum not exceeding
three hundred thousand dollars, divided into thirty

thousand shares of ten dollars each, five, dollars on
each share to be paid at the time of subscribing, and
two dollars on each share in thirty days thereafter,
and the remaining three dollars on each share to be
called for as the president and directors, or a majority

Proviso.

of them, may direct; provided, that fifteen days notice
be given in one or more daily newspapers in the city
of Baltimore, nor more than one dollar on each share
is called for at any one time, and should any stock-
holder refuse or neglect to pay an instalment when
required by the president and directors, or a majority
of them, he will forfeit his interest in this company,
and be held liable for his proportion of any loss which
may have occured previous to such refusal or neglect,
or in consequence thereof.

Forfeiture may
be remitted.

SEC. 3. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of the
board of directors present at any meeting at which
the motion for such remission shall be made, upon the
payment by the person incurring a forfeiture of the
principal of such instalment and interest thereon, up

Proviso.

to the time of said payment; provided, that nothing
herein contained shall be construed to release such
stockholder from the payment from such instalment
or instalments, or stock, as has not been paid, should
a loss or losses greater than the amount paid in, have
occurred, in proportion to such loss.

When to go in-
to operation.

SEC. 4. And be it enacted, That so soon as two
thousand five hundred shares shall he subscribed for,
and all the instalments declared thereon paid, the com-