| 238 MARYLAND HISTORICAL MAGAZINE
were made in- the Maryland Insurance Company's charter.
Both companies petitioned the General Assembly in 1804 for
renewal of their charters, which were accordingly extended
until 1820.230
Another group of joint-stock marine insurance companies
was given corporate privileges at the 1804 Assembly session.
Like the other chartered marine insurance companies, all three
had been organized under articles of association before peti-
tioning for incorporation and were chartered until 1820.
Established with a capital of $60,000, The Union Insurance
Company was to make marine, fire, and life insurance and lend
money on " bottomry " and " respondentia." The stockhold-
ers were to have as many votes as shares, but no one person
was to hold more than ten stares. No corporation or body
politic was to be a member. A yearly dividend, consisting of
no more than two-thirds of the profits,- was to be declared.
One-third of the profit was to be added annually to the capi-
tal stock and invested in banks or " public stocks." Because
it was thought that the " security of the insured and the sta-
bility " of the company would greatly depend upon the stock-
holders being persons of " sufficient property to make good any
losses," a provision was inserted to have the board of directors
approve each transfer of stock."2
The second company to be incorporated that year, " The
Marine Insurance Company," had a capital of only $40,000.
Yet among its leading stockholders were such men- as Robert
Gilmor (president of the company), Robert Oliver, Alexander
Brown, William Patterson, Jr., Solomon Etting, and James
McHenry, some of the wealthiest merchants and most impor-
tant men in Baltimore. The provisions of- its charter were
identical to those of the Union Company except that the num-
ber of shares to be held by one person was twenty, twice that
of the Union Company.232
Largest of the three companies was " The Chesapeake Insur-
ance Company " with a capital of $600,000. It was to make
all kinds of marine insurance. One-tenth of its capital was to
be paid up: the other nine-tenths to be paid up only in case
of loss. Two-thirds of the paid-up capital was to be invested
28° Ibid., 1804 c. 37, 106. '°11bid., 1804 c. 41. -' Ibid., c. 60.
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