574

LAWS OF MARYLAND.

CHAPTER 392.

Passed March
10, 1858.

AN ACT entitled an act to incorporate the Me-
chanics' Insurance Company, of the city of
Baltimore.

Incorporated.

SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That all such persons as shall
become stockholders in the capital stock hereinafter
mentioned, their successors and assigns are here-
by constituted and made a body politic and cor-
porate, by the name and style of the Mechanics'
Insurance Company, and by that name shall be
known in law, and have power to sue and be
sued, to defend and be defended in all courts,
whether in law or in equity, and by that name
may also have, purchase, possess and enjoy to
them and their successors, lands, tenements and
hereditaments, goods, chatties and effects, of what
nature or kind soever, necessary for the pur-
poses of this corporation, and the same to grant,
demise, alien and dispose of at pleasure for the
benefit of said company, and may also have a
common seal, and the same to alter and renew at
pleasure, and also to create and establish such
by-laws, rules and regulations, and appoint such
officers and committees, and delegate to them
such powers as they shall deem necessary and
expedient for the government of the said corpor-

Proviso.

ation, and to put the same in execution; Pro-
vided, the same be not contrary to the laws of
this State.

Capital stock.

SEC. 2. And be it enacted, That the capital
stock of the said company shall not exceed two
hundred thousand dollars, and shall be divided
into shares of fifty dollars each, and there shall
be paid into the treasury of said corporation by
each subscriber to the capital stock, at the time
of subscription, an instalment of ten per cent,
on the stock by him subscribed for, the remain-
der to be paid in such manner as the board of
directors hereinafter provided for shall determine,
and the company shall not commence business
until fifty thousand dollars of said stock shall be
paid or secured to be paid.