58

LAWS OF MARYLAND.

DEC SESS.

1813.

them severally a certain annual salary for their respective
services, which shall be ascertained and fixed by the di-
rectors, each and every year immediately after the elec-
tion of the said dm dors, and before the appointment of
the said officers, clerks or servants.

Entries of
proceedings.

8. AND BE IT ENACTED, That the president and
directors shall keep full, lair and correct entries of their
proceedings, which shall at all times be open to the in-
spection of the stockholders.

Dividends.

9. AND BE IT ENACTED, That the president and
directors shall declare dividends of the profits of the
corporation, or of so much thereof as to them shall ap-
pear advisable, and the dividend so declared shall be
paid to the respective proprietors on demand; but the
monies received as premiums on risks which shall be
undetermined and outstanding, shall not be considered
as part of the profits of the corporation; and in case of
any loss or losses, whereby the capital stock of the cor-
poration shall be lessened, no subsequent dividend shall
be made until a sum equal to such diminution and ari-
sing from the profits of the corporation shall have been
added to the capital.
10. And lor the greater security of persons having in-
surances effected in the Universal Insurance Company,

Losses Defi-
ciencies of
funds. Judg-
ments.

BE IT ENACTED, That if at any time the funds of the
corporation should not be competent to pay and satisfy
the just demands of the assured, that nothing herein con-
tained shall be construed to discharge the stockholders
from being liable for their respective proportions of said
losses, according to the number of shares they may hold
therein, but no stockholder shall be liable for more than
his proportion of losses as aforesaid, or to answer for the
failure or deficiency of others, further than as an endors-
er on their notes; and if a judgment shall or may at any
time be rendered against the said corporation in a suit
upon a policy of insurance by them signed, and no prop-
erty can be found whereon execution may be laid to satis-
fy the said judgment, then and in such case the plaintiff
or plaintiffs may and he or they are hereby empowered
to file in the court of chancery a bill of discovery and
relief against the directors of the corporation as against
private individuals, wherein they shall be severally com-
pelled to discover the interest or shares which each and
every member of the corporation may have therein; and
upon such discovery being had, the chancellor shall as-
certain the proportionate parts of the said judgment
which the said members severally ought to pay, and he
is hereby authorised to decree accordingly the sum of
money which each and every member of the said corpo-
ration shall pay to the said plaintiff or plaintiffs

Transfers.

11. And whereas, The security to the assured, and the
stability of this institution will greatly depend on the
stockholders being persons of sufficient property to