by public notice for ten days in a newspaper pub-
lished in the city of Baltimore, call a meeting of
the stockholders for the purpose of chosing the
first Board of Directors, each stockholder shall be
entitled to one vote for every share of stock he,
she, or they may hold, to the number of not ex-
ceeding five, one vote for every five shares exceeding, five
to the number of fifty-one votes for every
ten shares exceeding fifty, but in no case shall
a stockholder vote more than twenty votes, and
when the said Board of Directors, or a majority of
them, have qualified, said Commissioners shall
hand over to them all funds belonging to the in-
stitution.

Sec. 4. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority
of the Board of Directors present at any meeting
at which the motion for such remission shall be
made, upon the payment by the person incurring
the forfeiture of the principal of such installment
and interest thereon up to the time of said pay-
ment.

Forfeitures
may be remit-
ted.

Sec. 5. And be it enacted, That the affairs of
this company shall be managed by a President
and a Board of Directors, a majority of whom
shall constitute a quorum for the transaction of
business, composed of twenty stockholders, to be
elected annually after the first election shall have
taken place, who shall hold their office for the
term of one year and until their successors shall
have been elected and qualified; and the Presi-
dent and Directors, previous to entering on the
duties of their office, shall take the following oath
or affirmation : I do solemnly swear or affirm, as
the case may be, that I will faithfully, diligently
and honestly fulfil the duties of my office to the
best of my ability.

Affairs—how
managed.

Sec. 6. And be it enacted, That the President
and Directors of said company shall be and are
hereby authorized to make all kinds of insurance
on property against loss or damage by fire, and to
transact and perform all business incidental there-
to, to invest the funds and dispose of the property
of this company in such manner as they may
deem best for the interest of the stockholders,
and not contrary to law.

Authority to
make insuran-
ce.