1795.

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

C H A P.
LIX.

hereby created and declared to be one body politic and corporate, by the name
and ftyle of The Baltimore Infurance Company, and by the fame name and ftyle
fhall, during the continuance of this act, have fucceffion, and be able to fue and
be fued, implead and be impleaded, in any court of law or equity within this
ftate, and to make and have a common feal, and the fame to change and alter
when and fo often as they fhall think fit, and to ordain and eftablifh fuch by-
laws, ordinances and regulations, as fhall appear neceffary for regulating the
concerns of the faid company, not being contrary to this act, or to the conftitu-
tion and laws of the United States, or of this ftate.

Capital ftock
to confift of
300,000 dol-
lars, &c.

III. And be it enacted, That the capital ftock of the faid company fhall con-
fift of the fum of three hundred thoufand dollars, to be divided into one thoufand
fhares, of three hundred dollars each fhare; one third part of each fuch fhare
fhall, on or before the fecond Monday in February next, be paid to James Barry,
Richard Curfon, junior, William Wilfon, John P. Pleafants, Aquila Brown,
junior, William M'Creery and Stephen Cafenave, who are hereby authorifed to
receive the fame for the laid company, one other third part thereof to the direc-
tors, to be appointed in virtue of this act, within fix months thereafter, and the
refidue on or before the fecond Monday in February, feventeen hundred and
ninety-feven, the payment whereof fhall be fecured by negotiable notes, payable
to the faid James Barry, Richard Curfon, junior, William Wilfon, John P.
Pleafants, Aquila Brown, junior, William M'Creery and Stephen Cafenave,
with fuch fecurity as they fhall approve; and in cafe default fhall be made in the
payment of any of the proportions of any fhare at the times limitted for. the
payment thereof, it fhall be lawful for the faid company to difpofe of the fame,
and the perfons fo failing fhall be held liable for any damage fuftained thereby,
to be deducted out of the fum paid in, and fuch default fhall be deemed a for-
feiture of their right to every fhare by them unpaid for as aforefaid, but not of
the money fo paid in; provided, that if any perfon fhall neglect or refufe to pay
the fame one third part on or before the faid firft Monday of February, he fhall
ceafe to be a member of the faid corporation, and his fhare or fhares fhall and
may be difpofed of by the directors, to be chofen as is herein after directed, to
fuch perfon or perfons as may apply for the fame.

Out of which
20,000 to be
kept, &c.

IV. And be it enacted, That out of the capital ftock aforefaid, the fum of
twenty thoufand dollars be kept and preferved in fome fecure place of depofite, to
anfwer all demands upon their policies for any loffes incurred, and fhall not be
employed, either directly or indirectly, in the bufinefs of banking or trade, and
the refidue of the faid capital flock fhall be invefted in the flock of the bank of
the United States, or of the banks in this ftate, or in the public debt of the
United States.

Company not
to purchafe,
&c.

V. And be it enacted, That the faid company fhall not be competent to pur-
chafe, take or hold, any real or perfonal eftate, other than fuch as may be re-
covered by them for premiums, and fuch as may be neceffary for its immediate

accommodation in bufinefs.

Thirteen di-
rectors to be
chofen, &c.

VI. And be it enacted, That for the better governing the affairs of the corpo-
ration aforefaid, there fhall be annually chofen, by ballot, on the firft Monday
in February, thirteen directors, being ftockholders in the faid company, by a
majority of the ftockholders, and the directors fo chofen fhall ferve for one year
next enfuing the elections refpectively, and until others fhall be chofen, and no
longer; and the directors fo chofen, at their firft meeting, fhall choofe one of
their number as prefident, and from time to time fhall fupply any vacancy which
may happen in the office of director or prefident, to continue until the next
general election.

Who fhall ap-

point officers,

&c.

VII. And be it enacted, That the directors for the time being fhall have power
to appoint fuch officers, clerks and fervants under them, as fhall be deemed ne-
ceffary for executing the bufinefs of the faid company, and allow them fuch fala-
ries as they may judge reasonable.