PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

son, B. Buck, and Henry Winter, their associates and
successors, are hereby made a corporation, by the name
and style of Brown Mutual Insurance Company of
Baltimore, for the purpose of making maratime loans,
and insurances against maratime losses, and losses by
transportation generally, and also against loss by fire;
and, by the said name shall have succession, and shall
be able to sue and be sued, implead and be impleaded,
in all courts of law or equity in this State or elsewhere,
and to make and have a common seal, and the same to
alter and renew at their pleasure.

CHAP. 222.

SEC. 2. And be it enacted, That the persons in the

aforegoing section named, be and they are hereby con-
stituted and appointed the first board of directors of said
company, to serve until the first election as hereinafter
provided for, with power to elect a president, secretary,
and all and any such officers and servants as may be
necessary for the proper transaction of the company's
business, and to establish their salaries, to till up all va-
cancies that may occur in their own body, either by re-
signation or otherwise, make all bye-laws, and generally
to exercise all the powers and authority conferred by
this act.

First board of
directors.

SEC. 3. And be it enacted, That it shall be the duty
of the said board to cause books to be opened to receive
applications for insurance as aforesaid, and as soon as
the amount of insurance, approved by them, shall
amount to one hundred and fifty thousand dollars, the
premiums on which shall have actually been paid or
secured to be paid, the company shall be considered as

organized, and go into full operation forthwith.

Books to be
opened.

SEC. 4. Be it enacted, That the said compa-
ny, for the belter security of its dealers, may receive
notes in advance from persons intending to receive its
policies, and may negotiate such notes for the purpose
of paying claims or otherwise, in the course of its busi-
ness, but the aggregate amount of such notes shall not
exceed, at any one time, fifty thousand dollars, and
shall not be used by the company until all its other
available funds are exhausted, and in lieu of all other
compensation, or interest, the respective signers of said
notes shall be entitled to the same privileges, and to the
share or dividends of the property of said company, as
if the amount of said notes were for premiums paid to
the company for risks insured by it, but in proportion as
its earnings; will justify it, the company shall have the
right, to decrease the respective amounts of said notes,
and to cancel or return them to their respective signers,
after receiving from them the proportion which the

To lake notes
advance, &c.