Power to lay pipes, &c.

Proviso.

Power to con

which said corporation was formed; and shall also have power 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 municipal 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.

95. If any corporation formed for the purposes mendemn property. tioned in the next preceding section, cannot agree with the owner or owners of any land or water rights, which such 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 feme covert, without power to contract in relation to said property, or under age, or non compos mentis, or under any other legal disability, or be absent from the county or city in which the said property may lie, when the said land or water rights may be needed, the corporation may proceed to condemn and acquire the same in the manner provided for in sections one hundred and seventy, one hundred and seventy-one, one hundred and seventytwo, one hundred and seventy-three, one hundred and seventy-four, one hundred and seventy-five of this article.

Capital stock.

INSURANCE COMPANIES.

96. 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 of mutual insurance companies, shall not be less than one hundred thousand dollars; and at least one-fifth of the To be paid in. whole capital stock shall be paid in before the said company shall be competent to transact the business for which it shall have been incorporated.

Incorporation certificate of

97. Any corporation incorporated under this article insurance com- for insurance purposes, except for the insurance of the lives of persons, is hereby authorized to include in its

panies, other

than life.

tain.

certificate of incorporation as among the other objects and purposes for which said corporation is formed, the following, that is to say: to guarantee the payment, What to conpunctual performance, and collection of promissory notes, bills of exchange, contracts, bonds, accounts, claims, rents, annuities, mortgages, choses in action, evidences of debt, and certificates of property or value, and the titles to property, real or personal, on such terms as may be established by the board of directors of said company; to receive on storage, deposit or otherwise, merchandise, bullion, specie, plate, stock, bonds, promissory notes, certificates and evidences of debt, contracts or other property, and to take the management, custody and charge of real or personal estate or property, and to advance money, securities and credits upon any property, real, personal, or mixed, on such terms and with all such powers of sale and other disposition thereof as shall be established by the charter or by-laws of such corporation; provided, that the Proviso.` corporate title of any company having among its other purposes those enumerated in this section, shall desig

panies.

nate the same as a security, as well as an insurance Security comcompany:

98. Corporations formed under the provisions of Mutual or this article, for insurance purposes, may be formed stock. either as mutual or stock companies, or as mutual and stock companies combined, as shall be determined and declared in the certificate of incorporation of said company.

or accident.

99. Every corporation formed under the provisions Life insurance of this article for the purposes of life insurance, is hereby authorized also to insure individuals against accident, and to grant, purchase or dispose of annu- Annuities. ities, unless it be otherwise provided in its charter or by-laws.

tal.

100. Every life insurance company incorporated Life insurance. under this article, shall have a guarantee capital of not Guarantee capiless than one hundred thousand dollars, which shall be invested either in securities of the United States, of the state of Maryland or of the city of Baltimore, and the

Security to be deposited in

&c., securities.

same shall before said company shall commence issuing state treasury. policies, be deposited in the treasury of this state as a guarantee for the payment of the policies of insurance issued by said company; and the said company from Power to sell, time to time, as they shall deem proper, may sell and dispose of the said securities, and exchange and redeposit the same with the said treasurer, under such rules and regulations for said exchange, and re-deposit as the said treasurer shall direct, the said company confining the said business of sale, disposition and exchange of said securities to either or all of said securities above named in this section; and the interest and profits accruing and made on said securities, and the sale or exchange thereof shall be collected by, and paid to said company.

Interest and profits.

Insurance by married

women.

101. Any married woman, by herself and in her name, or in the name of any other person, with his assent, as her trustee, may insure in any life insurance company formed under the provisions of this article, for her sole use, the life of her husband for any definite period or for the term of his natural life; and in case she shall survive her husband, the sum or net amount of the insurance becoming due and payable by the To whom paya- terms of the insurance, shall be payable to her and for her own use, free from the claims of the representatives of the husband or of any of his creditors; and in case of the death of the wife before the decease of the husband, the amount of the insurance may be made payable after death to her children for their use, and to their guardian if under age.

ble.

Foreign companies.

Agents.

102. It shall not be lawful for any insurance company incorporated under the laws of any other state of the United States, or by any foreign government, directly or indirectly, to take risks or transact any business of insurance in this state, unless possessed of the amount of actual capital required of similar companies formed under the provisions of this article, and any such company desiring to transact any such business as aforesaid by an agent or agents in this state, shall appoint such agent or agents, who shall reside in this

in clerk's office,

state, and shall file in the office of the clerk of the Certified copy of appointment superior court of Baltimore city a certified copy of the to be recorded vote or resolution of the directors appointing such superior court. agent, to be recorded at the cost of such agent in a book to be specially procured for that purpose, which appointment shall continue until some other agent shall be in like manner appointed in his place, and the appointment certified and recorded as aforesaid.

of charter and

ment, to be re

103. Said company shall also file in said clerk's Certified copy office, to be recorded as aforesaid, a certified copy of annual stateits charter, together with a statement under the oath of corded. the president or vice-president and secretary, and to be renewed annually, in the month of January of each year, setting forth the name of the company and the What to conplace where located, the amount of capital and the amount actually paid in, with a detailed statement of its assets and its indebtedness, the amount of losses adjusted and unpaid, the amount incurred and in process of adjustment, and any other claims existing against

tain.

when to be

the company; and in the case of life insurance com- Life insurance. panies the said certificate shall contain a statement, under the oaths of said certifying officers, that the said company has invested in good securities, naming them, an amount equal to that required of similar companies authorized to be incorporated under this article, and that such securities are held in trust, and by whom, for the benefit of persons who may effect insurance in said company. The first certificate herein required Certificate, shall be filed by all companies doing business in this filed. state, on or before the first day of July, eighteen hundred and sixty-eight, and any person who shall, after the first day of July, eighteen hundred and sixty-eight, act as agent of any insurance company which has not complied with the provisions in this section contained, shall be subject to a penalty of five hundred dollars Penalty for every day he shall so act, to be recovered as other fines and penalties are recovered in this state, one-half to the use of the informer, and one-half to the use of. the state.

against agents.

Insurance of property of minors and married women.

Annual statement under oath.

To be published.

Foreign insurance companies

nual statement.

104. Any corporation formed under this article may insure the property, real, personal or mixed, which any married woman may own jointly or in severalty, in the same manner as if she were a feme sole, and any guardian may with the assent of the orphans' court, by which he shall have been appointed, insure in any company formed under this article, any property which the ward or wards of such guardian may own, either jointly or in severalty, and such insurance shall have the same effect in all respects as if the minor whose property is thus insured, were of full age and had made such insurance himself.

105. Every insurance company formed under the provisions of this article, shall annually, in the month of January, cause to be made and certified to be true under the oath or affirmation of the president or other chief officer thereof, a full statement of its affairs, showing its assets and liabilities, and of what each consists, which statement shall be published once a week for three successive weeks, in at least one newspaper published in the city of Baltimore, if said company shall be incorporated therein, and in one newspaper in the county where the said company is incorporated, if incorporated elsewhere than in the city of Baltimore.

106. Any insurance company not incorporated in to publish an- this state, but doing business and having an agent therein, shall annually in the month of January, publish in at least one newspaper in the city of Baltimore, for the period above mentioned, a statement made and certified as above provided.

TURNPIKE, PLANK ROAD AND PASSENGER RAILWAY COMPANIES.

How formed.

107. Corporations for making turnpike or plank roads or passenger railways outside of the limits of the city of Baltimore, and not exceeding twelve miles in length for any one road in this state, may be formed as herein before provided; turnpike or plank roads or passenger railway may be constructed on the bed of any