in the year eighteen hundred and sixty-eight,
and in each and every year thereafter, choose by
ballot from among the said stockholders not less-
than ten nor more than twenty Directors to serve
for one year or until others are chosen, each stock-
holder to be entitled to one vote for every five
shares of stock not exceeding fifty shares, and one
vote for every ten shares exceeding fifty; but no
person or body politic shall have in any instance
more than twenty votes, and said Directors shall
hold regular meetings at least once in each month
at the company's office.

Sec. 7. And be it enacted. That each of the Di-
rectors shall be a holder of not less than ten shares
of the capital stock of this company, and seven
members of the Board shall be a quorum at all
meetings for the transaction of business. The
persons named in the first section of this charter
shall have power to increase their number
to twenty, and they shall be the first Board
of Directors, one of whom shall be elected Presi-
dent of said company, and shall hold his office
until the next annual election and until his
successor shall be chosen. They may also choose
a Vice President in the same manner. Vacancies
occurring in the Board of Directors in the intervals
between elections may be filled by the Board.

Quorum for
the transaction
of business.

Sec. 8. And be it enacted, That the President
and Directors shall be and they are hereby au-
thorized to make all kinds of insurance against
loss or damage by fire, by perpetual policies or
otherwise, within the city of Baltimore and else-
where, and generally to transact and perform all
business relative to the objects aforesaid, and also
to invest the capital or funds of the association
from time to time in the public funds of the United
States or in any stocks or property, and to dispose
of the money or property of the association in
such manner (not contrary to law) as to them
shall appear moat advantageous to the association.
The fiscal year of the company shall terminate on
the thirty-first day of December.

Authority to
make Insur-
ance.

Sec. 9. And be it enacted, That the Board of
Directors may immediately after the first day of
July, 1867, and shall semi-annually thereafter, if
the interest derived from the investment of the

Dividends to
be declared.