T. WATKINS LIGON, ESQUIRE, GOVERNOR

385

CHAPTER 246.

AN ACT to alter and amend the act passed at Decem-
ber session, eighteen hundred and forty-nine,
chapter one hundred and one, entitled an act to
incorporate the Ocean Mutual Insurance Company
of Baltimore.

Passed Mar.
10, 1856.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That of the act passed at December
session, eighteen hundred and forty-nine, chapter
one hundred and one, entitled an act to incorporate
the Ocean Mutual Insurance Company of Baltimore,
section the third, relating to premium notes, policies,
stock, subscriptions and certificates; section the
fourth, relating to the qualifications and the right to
vote of the members of and contributors to said com-
pany; section the fifth, relating to the election, pow-
ers and duties of the officers of the said company;
section the seventh, relating to the powers and du-
ties of the President and Directors of the same ;
section the eighth, relating to (he establishment of
the by-laws and regulations of said company; sec-
tion the fifteenth, relating to the annual statement of
the business of said company, the declaring of divi-
dends and issuing of dividend certificates, together
with the tenor, effect and transferability of the same ;
section the sixteenth, relating further to dividend
certificates, to fractional sums, and to the division of
interest on investments; and section the seventeenth,
relating to the redemption of dividend certificates,
and the increase of capital, be and the same are
hereby repealed; subject, however, to the proviso in
the last section of this act contained.

Sections re-
pealed.

SEC. 2. And be it enacted, (In the stead of the
provisions of the third section of the said original
act, so as aforesaid repealed,) That the said Ocean
Mutual Insurance Company of Baltimore, for the
better security of its dealers, and for the increase of
its business, may, and it is hereby authorised to in-
crease its cash capital from its present amount of
twenty-five thousand dollars, ($25,000,) to the ex-
tent of two hundred and fifty thousand dollars,
($250,000,) in cash, divided into five thousand shares
of fifty dollars each, with liberty to increase the same
further, hereafter, to any sum not exceeding five
hundred thousand dollars, ($500,000,) to wit: by a

Instead of the
provisions of
third section.