to transact all business of the company of every
nature and kind, and exercise all the powers and
franchises hereby granted to said company, and
shall keep full and fair minutes of all the pro-
ceedings and transactions, to be open to the stock-
holders at all times; and a majority of the presi-
dent and directors shall have power to act and do
all business at all meetings whether the president
be present or not, and to fill any vacancy that
may happen in the board of president and direct-
ors until the next general election, and the presi-
dent shall have power to issue policies of insurance
under the general directions of the board, but not
to make loans or investments without a special
order of the board, and no policy shall be issued
for an amount exceeding ten thousand dollars.

Directors.

Sec. 6. And be it enacted. That the persons
named in this Act are hereby constituted directors,
and may select one of their own members as presi-
dent, and are empowered to act and exercise all the
powers and faculties of president and directors of
said company, until superseded by an election of
the stockholders under this Act, and may receive
subscriptions to the stock of said company at such
times and places as a majority of them may de-
termine, until at least two hundred shares of the
stock are subscribed, when said company may go
into operation and exercise all the power, fran-
chises and privileges hereby granted.

Annual state-
ment of affair.

Sec. 7.. And be it enacted, That an annual state-
ment shall be made at each meeting for the elec-
tion of president and directors showing the affairs
of the company for the preceding year, its profits,
its losses and outstanding risks, cash in hand, se-
curities and their condition, and after paying all
expenses and losses, and providing for said out-
standing risks, they shall set apart from the profits
and divide among the stockholders an amount not
exceeding ten per cent. for the year on the capital
stock held by them; and the remaining profits
shall be set apart and invested as other funds of
the company to form a guarantee capital, not ex-
ceeding one hundred thousand dollars, the stock-
holders to receive at their option, so much stock of
the company yearly as their proportion of said
guarantee capital set apart in such year will make