1852.

LAWS OF MARYLAND.

CHAP. 167.

CHAPTER 167.

Passed May
19, 1852.

AN ACT to amend the Charter of the President
and Directors of the Associated Firemen's Insu-
rance Company of Baltimore.

Authority to
increase capi-
tal stock.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That so much of the third section of
the act passed at December session, eighteen hundred
and forty-six, chapter three hundred and fifty-two-
entitled, an act to incorporate the president and direc-
tors of the Associated Firemen's Insurance company
in the city of Baltimore, and to repeal the act therein
mentioned, and so forth, as limits the increase of the
capital stock of the said Associated Firemen's Insu-
rance company, to shares of five hundred dollars each,
be, and the same is hereby repealed, and the said com-
pany is hereby authorised to increase their capital stock,
from time to time, in their discretion, or to add to their
capital stock, from time to time, from the surplus pro-

Proviso.

fits remaining after dividends; Provided, always, that
said shares of capital stock shall be divided into shares

of five dollars each, and the aggregate capital stock
shall not, at any time, exceed the sum of three hun-
dred thousand dollars.

Repealed.

SEC. 2. And be it enacted, That so much of the
seventeenth section of said original act as limits the
dividends of said corporation, to twelve and a half per
centum semi-annually, and so much of said seventeenth
section as creates a reserve fund of fifty thousand dol-
lars, be, and the same are hereby repealed.

18th sec. of
original act
repealed.

SEC. 3. And be it enacted, That the eighteenth sec-
tion of the aforesaid original act, which provides for
the division of the profits of said corporation, after a
reserved fund of fifty thousand dollars shall have been
created, among the the companies, members of the
Baltimore United Fire Department, be, and the same
is hereby repealed; and the said company is hereby
authorise in lien thereof to make, from time to time.
in its discretion, donations to the several fire companies

of the city of Baltimore, from the profits of said com-
pany.

Part of 20th
sec. of original
act, repealed.

SEC. 4. And be it enacted, That inasmuch as the
Baltimore United Fire Department has not subscribed
for any of the capital stock of said company, that so
much of the twentieth section of said original act as
requires said company to report a statement of its con-
dition of the Baltimore United Fire Department, be,
and the same is hereby repealed.