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chap. 86.
Passed Jan 28 1820
Preamble
Act extended and
continued
When deemed ad-
visable to wind up
affairs, how to pro-
ceed
Proviso
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CHAP. LXXXVI.
A Supplement to an act, entitled. An act to incorporate the Marine Insurance
Company'
Whereas by an act, entitled, An act to incorporate the Marine In-
surance Company, to which this is a supplement, it was provided, that
the said act should continue in force until the first day of February
eighteen hundred and twenty, and until the end of the next session
of the general assembly which shall happen thereafter: And where-
as, 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 stock of said company
may be authorised to determine on the propriety of winding up and
closing the affairs of said Insurance Company, at any time that it
may appear expedient or advisable to do so; therefore,
1. Be it enacted, by the General Assembly of Maryland, That the
act to which this is a supplement, shall be extended, continued, and
be in full force, until the first day of February eighteen hundred
and thirty-nine, 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time be repealed by law, provided that no such repeal shall go to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 ex-
istence at the time of said repeal, any thing in the said act to the
contrary thereto notwithstanding.
2. Be it enacted, That at any time hereafter, when it shall
be deemed advisable to wind up the affairs of said Insurance Com-
pany, 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 published 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 toge-
ther the stockholders of said insurance Company, and stating the
object of said meeting; and should the president and directors re-
fuse to call a meeting of the stockholders aforesaid, it shall then be
in the power of any number of stockholders, who shall be the own-
ers 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 stockholders, a full and parti-
cular statement of the affairs of said Insurance Company, so as to
enable the stockholders to judge whether it would be advisable to
wind up and close the affairs of said Insurance Company, and that
the stockholders, holding a plurality of the shares of said Insurance
Company, shall have power to determine whether it would be ad-
visable, and for the. interest of said Insurance Company, to wind
up and close its affairs as aforesaid; Provided nevertheless, that no
part of this act shall be so construed as to impair the right of the
said Marine Insurance Company to proceed in its corporate capa-
city to recover any claims 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 Marine Insurance Company in its capa-
city, or the stockholders in their individual capacity, according to
the terms of the charter, to the payment of any debts which may
be due by said Marine Insurance Company at the time of its dis-
solution as aforesaid.
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