70

LAWS OF MARYLAND.

increase the capital stock to a sum not exceeding
three hundred thousand dollars, divided into shares
of five dollars each.

Forfeiture
may be remit-
ted.

SEC. 4. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of the
whole board of directors present at the meeting at
which the motion for such remission shall be made,
upon the payment by the person incurring a forfeit-
ure of the principal of said instalment, and the inter-
est thereon up to the time of such payment, as also
of his proportion of such loss as may have occurred
previous to such forfeiture.

Shall not call
on stockhold-
ers for remain-
ing three dol-

lars without
notice.

SEC. 5. And be it enacted, That the President
and Directors shall not call on the stockholders for
any part of the remaining three dollars per share, se-
cured to be paid as before mentioned, unless the exi-
gencies of the company shall require it, and then on-
ly in such proportions as the said stockholders are
severally interested, taking care always to give sixty
days notice thereof in the daily papers of the city of
Baltimore.

Competent to
transact busi-
ness.

SEC. 6. And be it enacted, That so soon as five
thousand shares are subscribed for, and paid or se-
cured to be paid, this company shall be competent to
transact all kinds of business for which it is establish-
ed, but shall not take any single risk over or above
the one-tenth of the capital actually paid in.

Shall be man-
aged.

SEC. 7. And be it enacted, That the affairs of this
company shall be managed by a President and a
Board of twelve Directors, all of whom shall be
stockholders, who previous to entering on the duties
of their respective offices, shall take the following
oath or affirmation: "I, A. B., in due form of law do
swear (or affirm) that I will faithfully, diligently, im-
partially, and honestly fulfil the duties of my office of
—— , to the best of my knowledge and ability."

Directors.

SEC. 8. And be it enacted, That no Director of
any other Fire Insurance Company shall be allowed
to be a Director in this, and should any Director of
this company be elected a Director of any other Fire
Insurance company, his acceptance of that appoint-
ment shall, on that account, disqualify him from con-
tinuing him a Director of this company, and the stock-
holders of this company shall proceed to fill up the
vacancy as is hereinafter provided.

Meeting;

SBC. 9. And be it enacted, That the stockholders
composing this association, or their representatives
by proxy, shall hold a meeting for the first election