have in any instance more than twenty votes, at
their first meeting after every annual election
they shall choose by ballot a President either
from amongst their own body or from among the
other Stockholders, and in case of the death, resig-
nation or disqualification of the President or a Di-
rector, the Directors shall proceed to elect another
to fill such vacancy for the remainder of the year.

Authority to
make all kind
of Insurance.

Sec. 7. 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 within the city of Balti-
more and elsewhere, and generally to transact and
perform all business relative to the objects afore-
said, and also to invest the capital or funds of the
association from time to time in well secured stocks
and to dispose of the money or property of the
association in. such manner (not being contrary to
law) as to them shall appear most advantageous
to the company.

Dividends to
be declared.

Sec. 8. And be it enacted, That the President
and Directors shall declare dividends of the corpo-
ration (from the profits only) semi-annually, or so
much thereof as to them may seem advisable, and in
case of any loss or losses whereby the capital stock
shall be diminished, no subsequent dividend shall
be made until a sum equal to such diminution,
and arising from the profits of the corporation
shall have been added to the capital.

Power to ap-
point officers.

Sec. 9. And be it enacted, That the President
and Directors shall have power and authority to
appoint a secretary and clerk, and such other offi-
cers as may be required for the transaction of the
business of the association, make such by-laws for
its government, and to do all other timings neces-
sary and proper for a corporate association, and
which are not contrary to or inconsistent with this
Act, the Constitution and laws of this State or of
the United States, and may from time to time

Proviso

alter or annul such by-laws; provided such changes
are not inconsistent with this Act, the Constitu-
tion and laws of this State or of the United States,
and shall have power to hire or purchase a suita-
ble lot of ground or buildings for the purpose of
transacting the affairs of the company, and gen-
erally to conduct the entire business thereof.