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Dec. Sess.
1815.
Capital--
shares—first
instalment—
defaulters.
Proviso.
Election of
directors--pre
sident.
Proviso.
Names to be
entered--trans-
fers.
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appear necessary for regulating the concerns of the said corpo-
ration, not being contrary to this act to the constitution an
laws of this state, or of the United States.
2. AND BE IT ENACTED, That the capital stock of
the said corporation shall be five hundred thousand dollars, di-
vided into five, hundred shares of one thousand dollars each
share, and payable one tenth part of each share on the fifteenth
day of February eighteen hundred and sixteen, unto Lemuel
Taylor of Baltimore city, who is hereby empowered to receive
the same for the said corporation, and the remaining tenth part
to be paid as is hereafter directed; and if any person shall neglect
or refuse to pay the said one tenth part on or before the said fif-
teenth day of February, he shall cease to be a member of the said
corporation, and his share or shares shall and may be disposed
of by the directors to be chosen as is herein after directed, to
such person or persons as may apply for the same, and who
may be admitted members agreeably to the mode hereafter pre-
scribed, for the admission of transfers; Provided, that no per-
son shall be a proprietor of more than ten shares in said corpo-
ration.
3. AND BE IT ENACTED, That for the well ordering
of the affairs of the said corporation, there shall be twelve di-
rectors (being stockholders in the said company,) chosen by
ballot, on the second Monday in November, in the year eigh-
teen hundred and sixteen, and on the same day in every year
thereafter, by a plurality of votes of the stockholders present,
or by proxy, each stockholder having as many votes as he may
hold shares; and the directors so chosen shall serve for one
year next ensuing the elections respectively, and until others
shall be chosen and no longer, and at their first meeting after
such election they shall choose a president who must be a stock-
holder in said company; Provided always, AND BE IT EN-
ACTED, That the present president and directors of the said
company, viz. Lemuel Taylor, president, William Hollins,
John W. Stump, John Myers, Robert Purviance, Nathaniel
Saltonstall, Cumberland D. Williams, James Calhoun, Junr.
Thomas Sheppard, Joseph W. Patterson, Gerrard Wilson,
Isaac Tyson, and William Penniman shall be and remain in
office, and exercise all the duties and Junctions of president
and directors of the said Commercial Insurance Company, un-
til the second Monday in November eighteen hundred and six-
teen, and until the election of president and directors under and
in pursuance of the provisions of this act; and should it at any
time happen that an election of directors shall not be made
upon the day when pursuant to this act it ought to have been
made, the said corporation shall not for that cause be dissolved,
but it shall be lawful on any other day, within ten days there-
after, to hold and make an election of directors, in such man-
ner as shall have been regulated by the by-laws and ordinances
of the said corporation; and in case of the death, resignation,
or disqualification of a director, the place of such director for
the remainder of the year shall be filled up by the board of di-
rectors for the time being; and no person who is a director of
any other insurance company shall be a director of this.
4. AND BE IT ENACTED, That the directors thus
chosen shall immediately cause to be entered in a good and suf-
ficient book in folio, the names of all the members of the cor-
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