198 LAWS OF MARYLAND.
|
January, in eighteen hundred and sixty-eight,
and in each and every year thereafter, choose by
ballot from among the stockholders, twelve direc-
tors to serve for one year, each stockholder to be
entitled to one vote for every five shares of stock,
not exceeding fifty shares, one vote for every ten
shares exceeding fifty, but no person or body poli-
tic shall have in any instance more than twenty
votes; the directors so chosen shall serve until the
second Monday in January next succeeding their
election and until others are chosen; at their first
meeting after every annual election they shall
choose by ballot a President either from among
their own body or from among the other stock-
holders, and in case of the death, resignation or
disqualification of the President or a director, the
directors shall proceed to elect another to fill such
vacancy for the remainder of the year. |
In case of
failure to elect
Directors. |
Sec. 5. And be it enacted, That should it so
happen from any cause whatsoever, that the an-
nual election of directors should not take place in
any one year on the day hereinbefore mentioned
for that purpose, this company shall not for that
reason be dissolved, but such election may lawfully
be held on such convenient day thereafter, as may
for that purpose be fixed by the President and Di-
rectors, they causing ten days notice thereof to be
given in two or more of the daily newspapers pub-
lished in the city of Baltimore. |
Authority to
insure Dwel-
lings, &c. |
Sec. 6. And be it enacted, That the President
and Directors of said company shall be, and
hereby are authorized and empowered to make
insurance or reinsurance on dwellings, houses,
stores, buildings, furniture, merchandize and other
property against loss or damage by fire, and the
risk of inland navigation and transportation, and
to make insurance upon vessels, freights, goods,
wares, merchandize, specie, bullion, jewels, profits,
commissions, bank notes, bills of exchange, and
other evidences of debt, bottomry and respondentia
interests, and to make all and every insurance ap-
pertaining to or connected with marine risk and
risks of transportation and navigation, to enter-
into contracts and to take security relative to the
objects aforesaid, to invest the capital and funds of
the company in bonds and loans of the United |
|
 |
