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Dec Ses. 1816
Capital 500,
000 dolls—how
to be paid.
Twelve di-
rectors and a
president to be
appointed.
Proviso.
President &c to
make insuran-
ces &c. and in-
vest capital.
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2. And be it enacted, That the capital stock of said corporation
shall be five hundred thousand dollars, divided into ten thousand
shares of fifty dollars each, ten dollars on each share shall be
paid on or before the first day of March eighteen hundred and
seventeen, to Daniel Howland, who is hereby empowered to re-
ceive the same for the said corporation; and notes on demand,
with security, shall be given for the remaining forty dollars, to
be approved of by the president and directors for the time being,
to be renewed annually in the month of June: No person or
body corporate shall he permitted to endorse stock notes for more
than one hundred shares; and any stockholder neglecting or re-
fusing to renew as aforesaid, shall forfeit all his interest in this
corporation, and be held liable for his or her proportion of any
loss which may have occurred previous to such neglect or re-
fusal: And it shall not be lawful for the president and directors
at any time to call on the stockholders for any part of the re-
maining forty dollars on each share secured to be paid, unless
the exigencies of the company shall require it, and then only in
such proportion as they are severally interested; and as soon as
seven thousand five hundred shares of said stock are subscribed
for, and paid, or secured to be paid, the said company shall be
competent to transact all kinds of business which this act au-
thorises.
3. And be it enacted, That for the well-ordering of the affairs
of the said corporation, there shall be twelve directors, being
stockholders in the said company, chosen by ballot on the first
Monday in June, in the year eighteen hundred and seventeen,
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 election re-
spectively, and until others shall be chosen, and no longer; and
at their first meeting after each election, they shall choose one
of their members as president; 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 deemed to be dissolved,
but it shall be lawful on any other day, within ten days there-
after, to hold and to 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 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.
4. Provided always, and be it enacted, That the present presi-
dent and directors of the said company shall be and remain in
office, and exercise all the duties and functions of president and
directors of the said Phoenix Fire Insurance Company of Mary-
land, until the first Monday in June next, and until the election
of president and directors under and in pursuance of the provi-
sions of this act.
5. And be it enacted, That the president and directors shall have
full power and authority to make all kinds of insurances against
fire, insurance on lives, and insurances on inland transportation
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