138

LAWS OF MARYLAND.

hereby continued a body politic and corporate, to
be known and designated by the name of the Fire
Insurance Company of Allegany County, and by
that name shall have perpetual succession, and be
able to sue and be sued, plead and be impleaded
in any court whatever, and may have and use a

Hold pro-
perty.

common seal, and the same renew and alter at
pleasure, and may purchase, hold, receive and con-
vey all such property, real and personal, as may
be deemed convenient and necessary for its busi-
ness ; and to do whatever may be necessary to
carry into effect the provisions of this Act ; and
generally to do and perform all things relative to
the objects of its association, which is now or may
be lawful for any individual to do.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said Company shall be fifty thousand dollars,
divided into ten thousand shares of five dollars
each, (transfer rable only on the books of the Com-
pany either in person or by attorney.) which may
be increased to one hundred thousand dollars at
any time when a majority of the stockholders shall .
deem it advisable, at a meeting held for that
purpose, of which ten days notice shall be given
by the Board of Directors, in not less than two
newspapers published in the city of Cumberland.

Issue certifi-
cates.

Sec. 3. And be it enacted, That the Board of
Directors are hereby authorized to issue certificates
of stock to the several members of said Company,
for such number of shares as shall represent the
several amounts paid in by them respectively upon
existing policies or risks not yet terminated, the
residue of the surplus or accumulated profits of
thirty thousand dollars of said Company over and
above the amount paid in by the present stockhold-
ers upon existing risks, shall be held by the said
Company as a surplus fund, the remaining shares
to make up the capital stock of fifty thousand dol-
lars shall be subscribed for and paid in such man-
ner and at such times as the Board of Directors of
said Company shall determine, and the Board of
Directors shall have power to make and establish
such by-laws, ordinances and regulations as shall
appear necessary to conform to the change in the
business of the said Company and for regulating