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C H A P.
LX.
D. Stewart,
&c. declared
to be a body
politic, &c.
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II. Be it enacted, by the General Affembly of Maryland, That David Stewart,
David C. Stewart, John Stewart, Samuel Smith, John Smith, Robert Gilmor,
William Patterfon, Henry Payfon, Archibald Stewart, John Stricker, James
Nicols, Govert Hafkins, William Smith, James Weft, William Taylor, John
Holmes, Henry Nicols, James Calhoun, Jeremiah Yellot, John E: Howard,
John Hollins, Aquila Brown, junior, Patrick Allifon, Charles Ghequiere, Wil-
liam Lorman, Robert Oliver, Hugh Thompfon, Ebenezer Mackie, James
M'Henry, Richard Ratien, Nicholas Konecke, Seth Barton, Robert Purviance,
James Clarke, Thorowgood Smith, Ifaac Smith, Hercules Courtenay, Charles
Ridgely, of Hampton, Richard Curfon, junior, Nicholas Rogers, James A.
Buchanan John Swan, George Brown, James Stewart, William Robb, David
M'Mechen, William Van Wyck, Jofeph Young, Richard Caton, John O'Don-
nell, Robert Smith, Archibald Campbell, Andrew Buchanan, Lewis Pafcault,
Luke Tiernan, Chriftopher Johnfon, George Grundy, Jofeph Swan, George
Sears, Philip Rogers, Solomon Etting, John Merryman, John Sherlock, Thomas
Rutter, Reuben Etting, John Gay, Jofeph Sterett, Lloyd Buchanan, John Don-
nell, John M'Fadon, Richard Gittings, Lambert Smith, Paul Bentalou, and
fuch other perfons as fhall hereafter become ftockholders in the faid company,
fhall be, and are hereby created and declared to be, a body politic and corporate,
by the name, ftyle and title, of The Maryland Infurance Company, and by the
fame, name fhall have perpetual fucceffion, and fhall be able to fue and be fued
implead and be impleaded, in all courts of law or equity in this ftate, or elfe-
where, and to make and have a common feal, and the fame to break, alter of
renew at their pleafure, and alfo to ordain and eftablifh fuch by-laws, ordinances
and regulations, as fhall appear neceffary for regulating the concerns of the faid
corporation, not being contrary to this act, or to the constitution and laws of
this ftate, or of the United States.
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Capital ftock
to be 500,000
dollars, &c.
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III. And be it enacted, That the capital ftock of the faid corporation fhall
be five hundred thoufand dollars, divided into five hundred hares, of one thou-
fand dollars each fhare, and payable, one tenth part of each fhare on the firft
Monday of February, feventeen hundred and ninety-fix, unto Hercules Cour-
tenay, of Baltimore-town, who is hereby empowered to receive the fame for
the faid corporation, and the remaining nine tenth parts to be paid as is here-
after directed; and if any perfon fhall neglect or refufe to pay the fame one
tenth 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, and who may be admitted mem-
bers agreeably to the mode hereafter prefcribed for the admiffion of transfers;
provided, that no perfons fhall be a proprietor of more than ten fhares in the
faid corporation.
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Thirteen di-
rectors to be
chofen, &c.
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IV. And be it enacted, That for the well ordering of the affairs of the faid
corporation there fhall be thirteen directors, (being ftockholders in the faid com-
pany,) chofen by ballot on the firft Monday of March, in the year feventeen
hundred and ninety-fix, and on the fame day in every year thereafter, by a
plurality of votes of the ftockholders prefent, or by proxy, each ftockholder
having as many votes as he may hold fhares; 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 at their firft meeting after each election fhall choofe
one of their own number as prefident; and fhould it at any time happen that an
ejection of directors fhall not be made upon the day when purfuant to this act it
ought to have been made, the faid corporation fhall not for that caufe be deemed
to be diffolved, but it fhall be lawful on any other day, within ten days there-
after, to hold and to make an election of directors, in fuch manner as fhall have
been regulated by the by-laws and ordinances of the faid corporation; and in
cafe of the death, refignation or difqualification, of a director, the place of fuch
director for the remainder of the year fhall be filled up by the board of directors
for the time being.
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