LEVIN WINDER, ESQ. GOVERNOR.

47

surances upon vessels or merchandize at sea, or going to
sea, or upon any goods, wares and merchandize, freights,
and other personal property going or gone by land or wa-
ter, and to lend money on bottomry and respondentia,
and generally to transact all business relative to the ob-
jects aforesaid, and also to vest the capital and surplus
funds of the company from time to time, in the public
funds or banks.

DEC. SESS.
1813.

6. AND BE IT ENACTED, Thai the directors
of this company shall every year immediately after their
election, and before that of president, fix the annual sala-
ry of the said president.

Salary of Pre-
sident.

7. AND BE IT ENACTED, That, the president and
directors are hereby fully empowered to make, revise,
alter or annull all such rules, orders, bye laws and regu-
lations for the government of the said corporation, and
that of its officers, clerks, servants and affairs, as they
or a majority of them, shall from time to time think ex-
pedient, not inconsistent with law and the provisions of
this act.

Rules, &c.

8. AND BE IT ENACTED. That the president and
directors shall from time to time apply all sums received
by them for premiums to the payment of losses and
charges in the first instance, and to make up the amount
of their original capital, when it shall sustain any diminu-
tion by such losses, and shall make such dividends of
their clear net profits, from time to time, as they shall
judge expedient.

Premiums,
losses and di-
vidends.

9. AND BE IT ENACTED, That it shall not be law-
ful for the president and directors, at any time after the
receiving payment of the one sixth part of the capital
stock as aforesaid, to require or demand from the stock-
holders any other or further payment, unless the same
may be necessary to defray and satisfy losses previously
sustained by the said corporation.

Future pay-
ments.

10. And for the greater security of persons having
insurances effected in the Patapsco Insurance Company,
BE IT ENACTED, that if at any time the funds of the
said corporation should not be competent to pay and sa-
tify the just demands of the insured, nothing herein con-
tained shall be construed to discharge the stock-holders
from being liable for their respective proportions of said
losses, according to the number of shares they may hold
therein: but no stock-holder shall be liable for more than
his own proportion of losses as aforesaid, or to answer
for the failure or deficiency of others, further than as an
endorser on their notes; and if a judgment shall at any
time be rendered against the said corporation in a suit
upon a policy of insurance by them signed, and no pro-
perty can be found, whereon an execution can be laid to
satisfy the said judgment then and in such case the plain-
tiff or plaintiffs may, and he or they are hereby empow-
ered to file in the court of chancery, a bill of discovery and

Competency
of funds. Stock-
holders liable
for deficiencies
in a propor-
tionate ratio.
Plaintiffs may
file bills of dis-
covery. Duty
of the chan-
cellor.