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whereas the president, directors and stockholders, of said Insurance
Company, have prayed for a continuation of their charter, and that
the stockholders, holding a majority of the shares of the. stock of
said company, may be authorised to determine on the property of
closing and bringing to a final termination, the affairs of said in-
surance company, at any time that it may appear expedient or ad-
visable so to do; therefore,
1. Be it enacted, by the General Assembly of Maryland, That the
act to which this is an additional supplement, shall be extended, con-
tinued and be in full force, until the third Monday in March one
thousand eight hundred and thirty-seven, and until the end of the
next session of assembly which shall happen thereafter, unless the
same shall before that time be repealed by law, provided that no
such repeal shall go to affect any policy that may be made or any
contract already in existence at the time of said repeal, any thing
contained in the said act to the contrary thereof notwithstanding.
2. And be it enacted, That at any time hereafter, when it shall be
deemed advisable to close and bring to a final termination the af-
fairs of said insurance company, the stockholders shall have power
to do so in the manner hereinafter provided, to wit: That previous
to the determination of said question, there shall be a notice pub-
lished at least three weeks in two or more of the newspapers of the
city of Baltimore, by the president and directors of said insurance
company, calling together the stockholders of said insurance com-
pany, and stating the. object of said meeting; and should the presi-
dent and directors refuse to call a meeting of the stockholders afore-
said, it shall then be in the power of any number of the stockhold-
ers, who shall be the owners of one hundred shares, to call the said
meeting for the purpose aforesaid, and at the meeting as aforesaid
it shall be the duty of the directors to lay before the said stock-
holders a full and particular statement of the affairs of said in-
surance company, so as to enable the stockholders to judge whether
it would be advisable to close the affairs of said insurance company,
and that the stockholders holding a majority of the shares of the
stock of said insurance company, shall have power to determine
whether it would be advisable, and for the interest of said insurance
company, to close and bring to a termination its affairs as afore-
said; Provided nevertheless, that no part of this act shall be so con-
strued as to impair the right of the said Union Insurance Company
of Maryland to proceed, in its corporate capacity, to recover any
claim or debts due said insurance company, in any court of law or
equity of this state, or of the United States, and to liquidate and
finally settle all its concerns, or to impair the liability of said in-
surance company in its corporate capacity, or the stockholders in
their individual capacity, according to the terms of the charter of
said company, to the payment of any debts which may be due by
said Union Insurance Company of Maryland, at the time of its dis-
solution as aforesaid.
3. And be it enacted, That nothing herein contained shall be con-
strued to prevent the legislature of this state from hereafter impos-
ing a tax on said institution, not exceeding twenty rents per annum
in each hundred dollars of their actual capital, if the legislature
should deem it expedient so to do.
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CHAP. 85.
Act extended and
continued
When deemed ad-
visable to termi-
nate affairs of com-
pany, how to pro-
ceed.
Proviso
Legislature not
prevented from
imposing a tax
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