872

LAWS OF MARYLAND.

in so far as the same shall not be in conflict with the laws of
the United States, or of the State of Maryland, and the said
body corporate shall have power to make and use a common
seal, the same to change, alter and renew at pleasure, to sue
and be sued, to plead and be impleaded, to answer and be
answered in any court of law or equity or elsewhere; to make
all deeds, transfers, contracts, conveyances and grants what-
soever, and generally to possess and exercise all and singular
the powers incident to bodies politic and corporate.

Management
by a board of
directors.

SEC. 2. And be it enacted, That the affairs of the company
shall be managed by a board of directors, composed of not less
than six or more than eighteen, who shall be elected by the
shareholders comprising this company, in person or by proxy,
on the first Monday in May after the passage of this Act, and
in each and every year thereafter, from among said share-
holders, by ballot, to manage the affairs of said company for
one year thereafter, or until an election shall take place and
their successors shall be duly qualified. If no election takes
place on the day named, then the same may take place at any
time thereafter; the directors shall qualify at the next weekly
meeting of the company succeeding their election, and a
majority of them are empowered to transact the business of
the corporation.

Power to eletl
president, vice-
president, sec-
retary and
officers.

Shall execute
bonds.

SEC. 3. And be it enacted, That the directors, or a majority,
shall have power to elect from their own body a president,
vice-president and secretary, to fill all vacancies that may
occur in their offices and in their own body, to appoint all
other officers, agents and servants as they may deem neces-
sary to conduct and execute the business of the corporation,
and in their discretion to dismiss them; to take bonds for
said corporation from all and any of the officers, agents or
servants by them so appointed, with security, conditioned
in such form as they shall approve, for the faithful perform-
ance of their respective duties, and to secure the corporation
against loss; to prescribe the duties and fix the compensation

May issue
policies of
insurance, etc

of all officers ; to invest the funds as they deem proper; to issue
policies of insurance on real , personal and mixed property and
. effects against loss or damage by fire, and generally to do any
other act or acts touching the interests of the corporation that
they may deem most safe and advantageous; to admit mem-
bers upon such terms and conditions as the by-laws may pre-
scribe, and to make all such by-laws as may be deemed nec-
essary for the exercise of the aforesaid powers invested in said
corporation, and the same to alter and repeal at pleasure;
provided, always, that such by-laws shall not be contrary to