JOHN WALTER SMITH, ESQ., GOVERNOR.

819

SEC. 4. And be it enacted, That the said body corporate
shall be capable in law to insure real and personal property
and effects against loss or damage by fire, lightning, tornado,
hail and wind storms, under such conditions as may be by said
body corporate adopted and embodied in the contract or policy
of insurance.

May insure
real and
persona!
property.

SEC. 5. And be it enacted, That the said body corporate shall
have authority to make and effect marine insurance to insure
vessels, cargoes and other property against loss or damage by
wind, wave and water, while in transit or at harbor, and may
make such by-laws and regulations concerning liability for such
loss or damage as may be deemed necessary.

Authority to
make marine
insurance.

SEC. 6. And be it enacted, That the said body corporate shall
have the right to purchase, improve, lease, mortgage, hold
and dispose of property, real, personal or mixed; to borrow or
loan money on mortgage, or otherwise; to make advances upon
buildings and lands; to loan on collateral or private securities,
and do all other acts that may be promotive of the interest of
said body corporate in so far as they shall not be in conflict
with the laws of the United States and the State of Maryland.

Right to deal
in real and
personal
property.

SEC. 7. And be it enacted, That the board of directors or
managers of said body corporate shall consist of not fewer than
five nor more than twenty-five members thereof, a majority of
whom may constitute a quorum when the number is less than
eight, and five when the number is eight or more.

Board of
directors.

SEC. 8. And be it enacted, That no one shall be eligible as
president, vice-president, secretary or treasurer of said body
corporate who is not a bona fide holder of at least two hundred
shares of the stock of the corporation, nor shall any one be
eligible as a director who is not a bona fide holder of a,t least
one hundred shares of stock, which, upon his ceasing to hold,
it shall be the duty of the directors to declare his or their
offices vacant, and to fill the vacancy.

Who eligible
to office.

SEC. 9. And be it enacted, That the stock of said body cor-
porate may be assigned or transferred on the books of the
corporation in person or by attorney only, but no stockholder
indebted to the corporation shall be permitted to make a trans-
fer of his stock or receive any dividend until such debt be paid
or secured to the satisfaction of the president and directors.

Transfer of
stock

SEC. 10. And be it enacted, That no stockholder of this body
corporate shall be answerable, in person or individual property,
for any contract of said corporation or for any loss or defici-
encies or failure of the capital stock, together with all the

Stockholders
not liable for
loss, etc.