46

LAWS OF MARYLAND.

Dec. Sess.
1813.

Proviso.

others shall be chosen, and no longer; and at their first
meeting after each election, shall choose out of the stock-
holders a president; Provided however, That the presi-
dent and directors of the Universal Insurance Company,
appointed by the said association at their last election,
shall continue to serve respectively as president and di-
rectors, until the next election of directors as authorised
by this act; and should it at any time happen that an elec-
tion of directors shall not be made upon the day when
pursuant to this act it outfit to have been made, the said
corporation shall not for that cause be deemed to be dis-
solved, but it shall be lawful on any other day within tea
days thereafter, to hold and to make an election of di-
rectors in such manner as shall have been regulated by
the bye-lawn and ordinances of the said corporation; and
in case of the death, resignation or disqualification of a
director, or of his being chosen president, the place of
sueh director for the remainder of the year shall be filled
up by the board of directors for the time being.

Register of
names. Trans-
fers.

4. AND BE IT ENACTED, That the president And
directors thus chosen, such immediately cause to be en-
tered in a good and sufficient book in folio, the names of
all the members of the corporation, with their number of
shares thereto respectively annexed, and in the same
book they shall also cause to be entered each and every
transfer that shall from time to time be made of any of
the said shares, and the stock of the said corporation,
shall be assignable and transferable under such rules
regulations and bye laws, as shall be prescribed in that
behalf by the said body corporate.

Notes to be
given by the
stockholders.
Renewals. In
sufficiency of
security &c.

5. AND BE IT ENACTED, That the said president
and directors shall immediately require from the several
stockholders promissory notes, with two approved en-
dorsers, for the remaining nine tenths of their respective
subscriptions, in nine several notes, payable on demand,
or such collateral security for the payment thereof, as
the said president and directors from time to time shall
require and approve; which said notes, or such part of
them as shall remain unpaid, shall be renewed in the
month of January in every year thereafter, with the same
or such other two endorsers as the said president and di-
rectors for the time being may require and approve; and
in case such collateral security should at any time there-
after become manifestly insufficient from a depreciation
thereof or otherwise, then the said president and direc-
tors shall be and they are hereby authorised and direct-
ed, to require the party to give them sueh other or addi-
tional security as aforesaid as they may approve, and any
stockholder who may refuse to give such notes, or such
collateral security us may from time to time be required
as aforesaid, shall forfeit all his interest in the corpora-
tion, and his share, shares, or parts of shares shall be
disposed of by the said directors lor the benefit of the