and be elected annually on the first Monday in
March after the first election shall take place at
any time in the discretion of the Commissioners,
to hold their offices for the term. of one year, or
until others shall be appointed, the majority of the
stock voted to be necessary to an election, 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.

Sec. 6. And be it enacted, That the President
and Directors shall be and they are hereby au-
thorized to make all kinds of insurance against
fire within the city of Baltimore and elsewhere,
and generally to transact all business relative to
the object aforesaid, and to invest the capital or
funds of the association from time to time in the
public funds of the United States, or in any other
stock 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 most ad-
vantageous to the association.

Powers of Of-
ficers.

Sec. 7. And be it enacted. That the President and
Directors shall declare dividends of the profits of
the corporation semi-annually or so much thereof
as to them shall appear advisable, and in case of
any loss or losses whereby the capital stock shall
be diminished, DO subsequent dividend shall be
made until a sum equal to such diminution aris-
ing from the profits of the corporation shall have
beed added to the capital.

Dividends.

Sec. 8. And be it enacted. That the President
and Directors shall have power and authority to
appoint a secretary, clerk, and such other officer or
officers as may bo required for the transaction of
the business of the Association; make such by-
laws for its government, and to do all other things
necessary 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 alter or annul such by-laws, provided such
changes are not inconsistent with this Act, the
Constitution and laws of the State, or of the Uni-
ted States; and shall have power to hire or pur-
chase a suitable lot of ground, or building or build-

Authority
prescribed.