196

LAWS OF MARYLAND.

President.

Sec. 3. And be it enacted, That the Directors, or
a majority of them, shall have power to elect, from
their own body, a President and Vice President,
and to fill all vacancies that may occur in their
offices and in their own body, to appoint all other
officers, agents and servants as they may deem ne-
cessary to conduct and execute the business of the
Corporation ; to prescribe their duties, to fix their
compensation, and in their discretion to dismiss
them ; to take bonds for said Corporation from all
or any of the officers, agents 'or servants by them
so appointed, with security conditioned in such
form as they shall approve, for the faithful per-
formance of the duties of said officers, agents and

Invest funds.

servants, and to secure the said Corporation from
loss ; to invest the funds of the Corporation as they
shall see proper ; to issue policies of insurance on
real and personal property and effects, against loss
or damage by fire, and generally to do any other
act or acts touching the interest of the Corporation,
as they may deem most safe and beneficial ; to ad-
mit members upon such terms and conditions as
the by-laws may prescribe, and to make all such
by-laws as may be necessary for the exercise of the
aforesaid powers invested in said Corporation, and
the same to alter and repeal at pleasure ; provided,
that such by-laws shall not be contrary to any
law of this State or of the United States.

Capital stock,

Sec. 4. And be it enacted, That the capital stock
of this Company shall not exceed seven hundred
and fifty thousand dollars, divided into seventy-five
hundred shares, of the par value of one hundred
dollars each, payable in weekly installments ; the
member at the time of subscribing shall determine
the amount of said weekly payments, which he may
however increase, diminish or discontinue by con-
sent of the Directors, but before such diminution
or discontinuance be allowed, all back dues and
fines must be paid to the date of his application,
when the said weekly payment shall amount to the
par value of a share or shares of stock, he shall be
entitled to receive a certificate therefor, which
shall be transferable on the books of the Com-

By-laws.

pany on such conditions as the by-laws may pre-
scribe ; the by-laws may fix the entrance and other
fees, and the bonus to be paid by each member or
stockholder, at the time of subscribing, and may