816 LAWS OF MARYLAND.
Failure to
elect. |
Sec. 7. And be it enacted, That should it so
happen, from any cause whatever, that the annual
election of Directors should not take place in any
one year on the day hereinbefore mentioned for
this 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
Directors, they causing ten days' notice thereof
to be given in two or more of the daily newspapers
published in the city of Baltimore. |
May insure. |
Sec. 8. And be it enacted, That the Franklin
Fire Insurance Company shall be and they are
hereby authorized to make all kinds of insurance
against fire, also to make re-insurance upon all or
any of the risks taken by them, and generally to
transact and perform all business relative to the
objects aforesaid, and also to invest the capital and
funds of the company from time to time in public
stocks, bonds, notes, mortgages, ground rents, and
such other securities as the Directors shall deem
most advantageous to the company. |
May make
By-Laws. |
Sec. 9. And be it enacted, That the President
and Directors shall make such by-laws, rules and
regulations, not inconsistent with this Act or the
Constitution and laws of this State, as may be
deemed necessary for the government of its officers
and the conduct of its affairs. |
Dividends. |
Sec. 10. And be it enacted, That the President
and Directors may declare dividends of the profits
of the company semi-annually or so much thereof
as shall seem to them advisable. |
To appoint
Clerks, &c. |
Sec. 11. And be it enacted, That the President
and Directors shall have power and authority to
appoint a Secretary and such other clerks and
officers under them as shall be necessary for trans-
acting the business of the company, and may allow
such salary as they may judge reasonable, shall
provide for compensating the President of the
company and shall provide for the appointment of
a President pro. tem. who shall exercise the autho-
rity of the President for the time being. |
Annual State-
ment. |
Sec. 12. And be it enacted. That the President
and Directors shall keep full, fair and correct
entries of their transaction, which shall at all |
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