Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1868-07-23
ylit,9 lcbntianued from first page

CORPORATION held by such member, as may be
provided in the articles of association or by
LAWS; but in case Of hypotheeaton of stock, no
greater sum of money shall at any time be
drawn out by any member than shall have been
already paid in by him on all his shares at the
time ofsuch hypothecation, and any such mort
gage, and the mortgage debt created thereby,
are declared to be exempt from taxation, the
property SO mortgaged to the corporation be-
ing taxed in the hands ofthe individual men,
Der or mortgagOr.
Sec. 80. And br it enacted, That on the trial
Of any action or other proceeding at law or in
equity, in which the property or interest ofany
such corporation may be in anywise concerned,
any member of such corporation shall be COM
petent witness, and shall not be ob]ected 10 on
account of any interest he may have as such
member in the result of any such action or pro-
ceedfng.
Sec. 60 And be it enacted, That any asso-
citation Of persons which may have been organ
lied or established at any time prior to the a.
doption Of this article, on being made body
corporate under the provisions of this article,
shall become merged in such corporate body
thereby created, and every act done or to be
done by any such unincorporated association OF
persons, relating to the ends and purposes OF
such association, and all mortgages, bonds or
other instruments, made to such association OF
persons, or to any person or persons, to and
for the use of such association OF persons, or
any member thereof as such, shall remain and
continue in full force and virtue, at law and in
equity, in like manner as if such unincorporat-
edassociation of persons had originally been a
body corporate.
= Sec. 81. And be it enacted. That any trus-
tee or trustees, person or persons, to whom any
such conveyance shall have been made to and
for the use of such unincorporated associa-
he voI To nd RAJ
the same to such corporation, and they shall be
as good and sufficient as if made to such cor
poration, and; all the liabilities and obligations
Of by and between the members of such incor-
porated association of persons, shall remain OF
Is binding force or effect as if such association
had been from the first Incorporated.
Sec. 90. And be it enacted, That such of the
provisions of the foregoing sections, from sec
ton eighty-four to section ninety-one, both in
elusive, as shall be found applicable to corpo-
rations which may be formed in this State for
the purpose of loaning money on real or per-
sOnal property, shall be held to apply to said
corporations. =
esSec. 90. And be it enacted, That any gas
Eight corporation formed under this act shall
have full power to manufacture and sell, and
to furnish such quantities Of gas as may be re-
CURED in the city or town where the same may
be located, for lighting the streets and public
and private buildings, and for other purposes
and such corporation shall have power to lay
conductors for conducting gas through the
streets; lanes alleys and squares in such city or
town, with the consent of the municipal autho-
mites of said city or town, and under such rea-
sonable regulations as they may prescribe.
Sec. a. And be it enacted, That any corpo-
ration which may be formed under the provis-
ions of this article for the purpose of supplying
with pure water any town or city in this State,
shall have power to acquire, possess, and use
all such lands, water-rights and other proper
ty, and shall have all such power as may be
necessary for the purposes for which said cor
poration was formed, and shall also have pow
er to lay pipes and construct all such other
works in said town or city as shall be necessary
or suitable to carry out the purposes OF said
corporation, provided the assent of the muni-
pal authorities of the said town or city be first
obtained; and all such works and the exercise
of the powers hereby granted, shall at all times
be subject to such reasonable regulations as
said municipal authorities may from time to
time prescribe.
Sec. g5. And be it enacted, That if any cor
poration formed for the purposes mentioned in
the next preceding section, cannot agree with
the owner or owners of any land or water
rights which said corporation may have power
to acquire for the purpose of laying pipes or
constructing its works, -or if such owner or
owners, or any of them be a fene covert, with
outspoVer to contract in relation to said pro-
serty or under age, or non conspus mentis, or
under any other legal disability, or be absent
from the county or city in which the said pro-
perty may lie when the said land or water
rights may be needed, the corporation may pro-
coed to condemn and acquire the same in the
manner. provided for in sections ITO, Ill, III,
I73, ia, It's, of this article.
Sec &C. And be it enacted, That the capital
stock of any insurance company incorporated
under this article shall not exceed the sum Of
two millions of dollars, and except in the case
less than one hundred thousand dollars, and al
least enc fifth of the whole capital stock shall
be paid in before the said company shall be
competent to transact the business for which II
shall have been Incorporated
Sec 81 And be it enacted, That any corpo
rationi incorporated under this article for insur
ance purposes, except for the insurance of thu
lives of persons, is hereby authorized to Include
in its certiicase. of Incorporation, as among thu
other objects and purposes for which said cor
poration is formed, the following, THAT IS Il
saw :. To guarantee the payment, punctual per
farmance, and collection of promissory notes
bills of exchange contracts, bonds, accounts
claims rents, annuities, mortgages, cheSes II
action, evidences of debt, and certificates o
property or value, and the titles to property
real or personal, on such terms asmay be estab
lished by the board of directors of said compa
ny to receive on storage, deposit or otherwise
merchandise, bullion, specie, plate, stocks
bonds, promissory notes, certificates and eVl
aences of debt, contracts or other property, ant
to take the management, custody and cnarg
of real or personal estate or property, ana u
advance money. securities and credits, upol
anv nronertv real persOnal or mixed, on sucl
terms and with all such powers OF sale, ant
ether disposition thereof, as shall be establish
cd by the charter or bylaws of such corpora
ton; provided, that the corporate title OF any
company having among its other purposes thos
enumerated in this section shall designate tn
same as. q security, as well as an insurance
company.
Sec. 98. And be it. enacted, That corpora
tons formed under the provisions of this article
for insurance purposes, may be formed eithe
as mutual or stock companies, or as mntua
and stock companies combined, as shall be de
termined and declared in the certificate OF IN
corporation of said company.
Sec. 80. And be it enacted, That every cor
poration formed under the provisions OF thu
article for the purposes of life insurance, l
herobv authorized also to insure Individual
against accident, and to grant, purchase or dis
pose of annuities, unless it be otherwise PROV
ded in its charter or bylaws.
Sec. 100. And be it enacted, That every LIT
insurance company Incorporated under TINS ar
ticle. shall have guarantee capital OF not les
than one hundred thousand dollars, which shall
be invested either in securities of the Unitet
States, Of the State of Maryland, or of the CIT.
ofBaltimore, and the same shall before salt
company shall commence issuing policies, b
deposited in the Treasury Of this State, as