JOHN H. STONE, Efquire, Governor.

1795.

VIII. And be it enacted, That the faid directors fhall, from time to time, ap-
ply all fums received by them for premiums to the payment of their loffes in the

firft inftance, and to make up the amount of their original capital, where it
fhall fuftain any diminution by fuch loffes, and after replacing their original capi-
tal as aforefaid, fhall make fuch dividend of the refidue among the faid ftock-
holders as they, in their difcretion, fhall think expedient.

C H A P.

LIX.

And apply all
fums, &c.

IX. And be it enacted, That the following provifions, limitations and reftric-
tions, fhall be deemed fundamental articles of the conftitution of the faid com-

pany, to wit: Firft. Every proprietor of fhares not exceeding two, fhall be en-
titled to one vote for each fhare not exceeding two, and every proprietor of any
number of fhares exceeding two, fhall be entitled to one vote for every two fhares
exceeding two; no ftockholder fhall be admitted to vote by proxy, but fhall de-
liver in his vote in writing, under feal, for the firft election to the committee
appointed to receive fubfcriptions, and for every fucceeding election to the pre-
fident for the time being, who fhall deliver the fame to the fecretary unopened
but no transfer of any fhare fhall authorife or entitle the affignee to vote until the
expiration of fix months from the time of the transfer thereof; and all transfers
fhall be regiftered in the books of the company. Second. No director fhall be en-
titled to any compenfation for his fervices, but the ftockholders may, when met to-
gether, make to the president fuch compenfation as they may think adequate to his
fervices; no director fhall be entitled to any advantage which is not common to the
ftockholders. Third. The directors fhall divide themfelves into committees, formed
of three directors, and the committees fhall attend in a weekly rotation at the office
of the company; three directors, together with the prefident, fhall be fully autho-
rifed to make infurances in fhips or veffels and cargoes, or either of them, not ex-
ceeding twenty thoufand dollars on any one veffel and cargo. Fourth. Three mem-
bers of the direction appointed at any general election fhall not be eligible at the
next general election, which three members fhall be determined by lot among them-
felves, at leaft two months before each election, and a lift of their names, and the
time of election, fhall be publifhed by the fecretary of the company, but no direc-
tor fhall be eligible for more than three years fucceffively; and if it fhall happen
that any director hath continued in office three years fucceffively, he fhall not be
eligible at the firft general election which fhall happen after the faid three years.
Fifth. Half yearly dividends fhall be made by the directors of the whole or fuch
proportion of the clear profits of the company as to them fhall appear advifeable.
Sixth. The directors fhall keep full, fair and correct entries of their proceedings,
which fhall at all times be open to the ftockholders; and the books of accounts
of the company fhall be open to the ftockholders ten days previous to each general
election. Seventh. No perfon holding fhares in any other infurance office in Bal-
timore county fhall be eligible to be chofen prefident or director in this company ;
no perfon or company fhall be entitled to hold more than ten fhares. Eighth. Nine
directors, with the prefident, fhall form a board, a majority of whom fhall be em-
powered to make fuch by-laws for the directions of the concerns of the company
as may be neceffary, not being inconfiftent with this act.

Fundamental
articles.

X. And be it enacted, That the prefident, together with the majority of the
directors, fhall have power to purchafe, to the amount of two hundred and eighty
thoufand dollars, in bank ftock of the bank of the United States, or of banks
within this ftate, or in the public debt of the United States.

Prefident, &c.
may purchafe,
&c.

XI. This act to commence on the firft Monday of January next, and to con-
tinue and be in force for the term of nine years thence next enfuing, and until
the end of the next feffion of affembly thereafter.

C H A P. LX.

Commence-

ment, &c.

An ACT to incorporate the Maryland infurance company.

WHEREAS fundry perfons within this ftate have formed themfelves
into a fociety for the infurance of fhips and merchandife at fea, and
lending money on bottomry and refpondentia, and have prayed to be
incorporated by law; therefore,

Paffed De-
cember 24,
Preamble.