1792.

L A W S of M A R Y L A N D.

C H A P.

XI.
And, on ap-
plication, to
caufe ftock to
be fold, &c.

VII. Be it further enacted, That the prefident and directors of the faid Mary-
land infurance fire company be and are hereby authorifed and enjoined, on the
application of any ftockholder in writing, ftating his defire to have his ftock
changed from fix, three, or other per cent, debt of the United States, into United
States bank ftock, or Maryland bank ftock, or vice verfa, to fell, or caufe the
fame to be fold, and veft the money, or caufe the fame to be vefted, in one or
other of the faid ftocks, agreeably to the directions of the faid ftockholder; pro-
vided always, that the ftock bought confift of as many dollars as the ftock fold,
or be made equal to the fame by the ftockholder thereof, and the furplus, if any,
above the ftock fold, fhall be paid to the faid ftockholder, and the ftock thus
exchanged, fhall be forthwith taken, held and confidered, as original ftock, and
the ftockholder entitled to all rights and privileges annexed thereto; and further,
fo long as the fpecie, obtained as aforefaid, fhall remain in the corporation, which
may be till the ftockholder fhall direct an inveftment thereof in one or more
of the aforefaid ftocks, the fame fhall be held, taken and confidered, as original
ftock, in the proportion of three hundred dollars to one fhare, any thing in this,
or any other law, to the contrary notwithftanding; provided always, that the
aforefaid exchanges or negotiations be at the expence of the ftockholder requiring
the fame; and provided alfo, that after the firft exchange or transfer as aforefaid,
all lubfequent exchanges fhall be done with the confent of the directors, and not
otherwife.

Company
may permit a
building to be
erected, &c.

VIII. Be it further enacted, That the faid Maryland infurance fire company
may permit any perfon or perfons to erect a fuitable building or buildings for the
ftorage of gunpowder, and to receive, keep and deliver the fame, at the rates
and under the regulations eftablifhed by the act to which this is a fupplement, he
or they paying to the corporation a ftipulated annual fum for the faid privilege ;
and the perfon or perfons fo privileged fhall and are hereby entitled to the rates
of ftorage as eftablifhed, and to the refponfibility to which the corporation is
fubjected in cafes of lofs, any thing in any law to the contrary notwithftanding
and further, the faid perfon or perfons are hereby fubjected to fuch laws and re-
gulations as the corporation, from time to time, may think proper to make, re-
fpecting the fite of the powder-houfe, and the precautions proper to be taken in
ftoring in, or tranfporting powder to or from, the fame.

A fubfcription
to be opened,
&c.

IX. Be it further enacted, That the directors aforefaid may caufe a fubfcrip-
tion to be opened, divided into mares, for the purpofe of fupplying the town
with water, by pipes, from a fufficient refervoir or fource, the faid fubfcription
to be opened at fuch time as the faid directors may judge proper.

To all citi-
zens, &c.

X. Be it furhter enacted, That the faid fubfcription fhall be open to all citi-
zens of the ftate, as well ftockholders of the aforefaid Maryland infurance fire
company as others, without diftinction or preference of perfons; and further, to
form, and prefcribe fuch regulations reflecting receiving fubfcriptions as may pre-
vent undue preference, or monopolies of fhares.

Stockholders
incorporated,
&c.

XI. Be it further enacted, That the ftockholders of the faid fhares fhall and
are hereby conftituted a body corporate and politic, with power to fue and be
fued in any court of juftice, to make a common feal, to enact all rules and regula-
tions, and to do all other acts and things neceffary for its government and intereft,
not contrary to the laws of the ftate, and alfo to have and enjoy all other powers
and faculties common to corporations, and fhall be for ever known, held and dif-
tinguifhed, by the name and ftyle of The Baltimore Water Company.

No perfon to
ufe the water, &c.

XII. Be it further enacted, That no inhabitant of Baltimore-town, or pre-
cincts, fhall be furnifhed with, or permitted the ufe of, the faid company's water,

or obliged to pay for the fame, unlefs by exprefs agreement for that purpofe with
the faid Baltimore water company.

Company to
have no other
power, &c.

XIII. Be it further enacted, That the Maryland infurance fire company
aforefaid fhall have no further or other power refpecting or over the faid Balti-