THOMAS SWANN, ESQUIRE, GOVERNOR

49

Sec. 7. And be it enacted, That the President
and Directors shall be and are hereby authorized
to make all kinds of fire, inland and marine insu-
rance risks, both in and out of the State of Mary-
land, and also to make a re-insurance upon all or
any of the risks taken by them, and generally to
transact and perform all business relative to the
object aforesaid mentioned; also to invest the
capital and funds of the Company from time to
time in stocks, bonds, mortgages, promissory notes
or other securities, as the Directors may see fit in
their judgment for the interest of the Company.

Insurance.

Sec. 8. And be it enacted, That the President
and Directors shall make such by-laws, rules and
regulations, not inconsistent with this Act or the
Constitution and laws of this State, as may be
deemed necessary for the government of its officers
and the conduct of its affairs.

Make by-law's.

Sec. 9. And be it enacted, That the President
and Directors may declare dividends of the profits
of the Company semi-annually, or so much thereof
as to them may seem advisable, and in case of loss
or losses, whereby the capital stock of the Com-
pany shall be lessened, no subsequent dividend
shall be made until a sum equal to such diminu-
tion, and arising from the profits of the Com-
pany shall have been added to the capital.

Declare divi-
dends.

Sec. 10. And be it enacted, That the President
and Directors shall have power and authority to
appoint a Secretary and such other officers and
clerks under them as shall seem necessary for
transacting the business of the Company, and may
allow such salaries as they shall judge reasonable ;
shall provide for the compensation of the Presi-
dent and the officers of the Company.

Officers.

Sec. 11. And be it enacted, That the President
and Directors shall keep full, fair and correct ac-
count of their transactions which shall be open at
all times to the inspection of the stockholders ;
they shall annually prepare a full and true state-
ment of their affairs of the Company, which state-
ment shall be certified by the President and Sec-
retary.

Keep account.

Sec. 12. And be it enacted, That the President
and Directors shall have power to purchase or hire
4

Building,