Sec. 4. And be it enacted, That as soon as the
number of shares shall be subscribed for as is pro-
vided for in the second section of this Act, the cor-
porators mentioned in the first section of this Act
or a majority of them, shall give notice thereof in
two newspapers published in the city of Baltimore
ten days previous, for a meeting of the stockhold-
ers to be held in Baltimore city or in any other
place more convenient to a majority of the stock-
holders designated therein, to organize the Com-
pany, by choosing a President and eleven Direct-
ors to manage the concerns of the Company, each
one of whom shall be a stockholder to the extent
of not less than ten shares, and when the Presi-
dent and Directors are chosen they shall continue
in office one year or until others are chosen, said
President and Directors shall be chosen by ballot,
and each share of stock shall entitle the holder to
one vote.

Meetings of
stockholders.

Sec. 5. And be it enacted, That the President
and Directors for the time being shall have power
to appoint such officers, clerks and agents as shall
be deemed by them necessary for conducting the
business affairs of this Company, and to take bonds
from all or any of them, with surety conditional for
the faithful execution of their several duties, and
to establish and put in operation such regulations
and by-laws as may be necessary for the manage-
ment of this Company.

Powers of
Directors.

Sec. 6. And be it enacted, That this Company
shall have full power and authority to make and
effect insurance against loss or damage by fire, by
perpetual policies or otherwise, on any species of
property, buildings, houses, goods, furniture,
wares and merchandize or vessels, shipping in port
or in building, to guarantee against loss on marine
exports or other ships of whatsoever kind or na-
ture, on such terms and rates of premium as may
be agreed upon by the President and Directors,
and shall have the privilege and power to effect
re-assurance on property to any amount that the
Directors in their wisdom may direct for the bet-
ter security of its stockholders and policy holders;
and also at any time that its President and Di-
rectors may direct to make insurance upon vessels,
freights, goods, wares, merchandize, specie, bul-

Authority to
insure.