PRIVATE ACTS. 1311

SEC. 4. And be it enacted, That the board of directors shall
have power to make and establish such by-laws and resolutions

as they may deem expedient and necessary to conduct the af-
fairs of the company, and shall have power to alter and amend
the same, said by-laws not. to be in conflict with this charter or
the laws of this State or of the United States.

SEC. 5. And be it enacted, That the affairs of said corpora-
tion shall be managed by a board of directors consisting of not
less than twelve nor more than twenty-five directors, to be
elected at such time and place and for such term or terms as
may be provided for in the by-laws of said corporation.

SEC. 6. And be it enacted, That the board of directors shall,
at their first meeting after the annual election, designate one
of the members of said board as president and one as vice-presi-
dent. They shall elect a secretary and appoint such other offi-
cers as may be provided for by the by-laws. They shall also
appoint such agents, clerks or employees as may be found nec-
essary in their judgment for the proper transaction of the busi-
ness of the company, the duties of whom may be defined by the
by-laws and resolutions passed by the board of directors.

SEC. 7. And be it enacted, That the principal office of the
company shall be either in Frederick City, Maryland, or in
Baltimore City, Maryland, as may be designated by the board
of directors, and that said corporation shall have the right to
maintain a branch office or place of business at either of the
above places.

SEC. 8. And be it enacted, That, in addition to the capital
stock of one hundred thousand dollars now paid into said cor-
poration, being one thousand shares of the par value of one
'hundred dollars ($100.00) each, the said body corporate shall
nave the right to increase its capital at once to two hundred
thousand dollars ($200,000.00), ana by a vote of the majority

of the stockholders at a special meeting or a meeting called for
that purpose, the said capital stock may be increased to an
amount not exceeding one million dollars ($1,000,000.00), or
ten thousand shares of the par value of one hundred dollars
($100.00) each.

SEC. 9. And be it enacted, That the present officers and di-
rectors of said corporation shall continue in office until their
successors are duly elected and qualified under the provisions
of this Act; and that nothing herein contained shall be con-
strued to affect, alter or change any contract of insurance or

other contract already made by and with said corporation, but
that the same shall continue in force and effect and binding
upon said company and the parties thereto the same as if this
Act had not been passed.