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LAWS OF MARYLAND.

scribers to the stock of the Company and their
successors, shall he and they are hereby declared
to be a body politic and corporate, by the name
and style of the President and Directors of the
Maryland 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 and equity or
elsewhere, to make and use one common seal, and
the same to alter or renew at pleasure, and gener-
ally to do and perform all things relative to the
objects of this Institution, which now are or may
be lawful 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 the sum
not exceeding three hundred thousand dollars, di-
vided into thirty thousand shares of ten dollars
each share, two dollars to be paid at the time of
subscribing, one dollar in sixty days after the
company shall have gone into operation, one dol-
lar in ninety days thereafter, one dollar in four
months thereafter, the balance at such periods as
the directors may from time to determine, after
sixty days notice being given, or may be paid from
the nett revenue of the company beyond the divi-
dend of six per centum per annum, any stockhol-
der refusing or neglecting to pay an instalment
when required by this charter or by the directors,
shall forfeit all his interest in this company, and
be held liable for his proportion of any loss, which
may have occured previous to such neglect or re-
fusal.

Forfeitures
may be remit-
ted.

SEC. 3. 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 a meeting
at which the motion for such remission shall be
made, upon the payment by the person incurring
the forfeiture of the principal of said instalment
and interest thereon up to the time of such payment,
as also of his proportion of such loss, as may have
occured previous to such forfeiture.

Competent to
transact busi-
ness.

SEC. 4. And be it enacted, That so soon as five
thousand shares are subscribed, and paid or secur-
ed to be paid, this company shall be competent to