|
|
SECTION 1. Be it enacted by the General Assembly
of Maryland, That Andrew Reese, Benjamin Price,
William W. Foss, James M. Pouder, George Sauer-
win, C. Howard Rogers, Henry C. Spilman, J. F.
Dix, Henry J. Werdebaugh, Charles W. George,
Stephen Tracey, William Shaeffer, Philip B. Rau,
John Lawton, John L. Reese, Jr., George T. Sad-
tier, and the subscribers to the stock of the associa-
tion, and their successors, shall be and they are here-
by declared to be a body politic and corporate, by
the name and style of the President and Directors of
the Howard Fire Insurance Company of Baltimore,
and by that name shall have perpetual 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 else-
where, to make and use one common seal, and the
same to alter or renew at their pleasure, and generally
to do and perform all things relative to the objects of
this institution, which now are or shall be lawful for
any individual or body politic or corporate to do.
|
Incorporated.
|
|
|
|
SEC. 2. And be it enacted, That the capital
stock of this company shall consist of a sum not ex-
ceeding sixty-seven thousand and five hundred dol-
lars, divided into thirteen thousand and five hundred
shares, at five dollars each, one dollar to be paid at
the time of subscribing, one dollar in sixty days after
the company shall have gone into operation, and
notes payable on demand, with security to be ap-
proved of by the President and Directors for the time
being, shall be given for the remaining three dollars.
The said notes shall be renewed whenever the Direc-
tors may consider it proper; and any stockholder neg-
lecting or refusing to renew his note, or neglecting or
refusing to pay an instalment, when required by the
Directors, shall forfeit all his interest in this company
and be held liable for his proportion of any loss
which may have occurred previous to such neglect
or refusal.
|
Capital stock.
|
|
