to one vote for each share held by them, respec-
tively, for thirty days previous to an election for
Directors; at their first meeting, after an annual
election, the Directors shall choose a President and
Vice President, and in case of vacancy thereafter
occurring, the Directors shall fill such vacancy for
the remainder of the year, should it so happen
that an annual election may not take place on the
day herein named such election may be lawfully
held within thirty days thereafter, ten days' notice
being given in at least one daily newspaper pub-
lished in the City of Baltimore.

Sec. 4. And be it enacted. That the President
and Directors of said company shall be and are
hereby authorized to make insurance on dwellings,
houses, stores, buildings, furniture, merchandize
and other property in the city of Baltimore or
elsewhere, against loss or damage by fire, to enter
into contracts, and to take security relative to the
objects aforesaid, to invest the capital of the com-
pany in the bonds or loans of the United States,
the State of Maryland, City of Baltimore, in mort-
gages upon real or leasehold estate, and other se-
curities; to dispose of the property or money of
the company in such manner not contrary to law,
as to them shall appear most advantageous to the
company; and the said President and Directors
shall have power to purchase or hire a suitable
lot and building or buildings within the limits of
the City of Baltimore, for the purpose of trans-
acting the business of the company.

May insure.

Sec. 5. And be it enacted. That the President
and Directors shall make such by-laws, rules and
regulations not inconsistent with the Constitution
and laws of this State, as may be necessary to con-
duct its affairs, for the government of its officers
and agents, and to designate the number of its di-
rectors; provided, that said by-laws may be an-
nexed or rescinded by a majority of the stockhold-
ers; the President and Directors shall keep full
and correct accounts of their transactions, which
shall be open at all times to the inspection of the

May make
By-Laws.

stockholders; they shall prepare annually a full
and correct statement of the affairs of the com-
pany, which statement shall bo certified by the
President and Secretary; they shall have power to

Annual state-
ment.