354

LAWS OF MARYLAND.

five dollars each, which shall be personal property,
transferable on the books of the Company in con-
formity with its by-laws.

Securities in-
vested.

Sec. 4. And be it enacted, That the said guaran-
tee capital stock shall be invested in the securities
of the United States, the State of Maryland, or of
the city of Baltimore, either one, or all of said
securities, and the same deposited with the Trea-
surer of this State us a guarantee for the payment
of policies of insurance issued by said Company,
and the said Company may, from time to time, at
its option, change the investment of said guaran-
tee capital, subject to the restrictions of this sec-

Profits.

tion, and all profits accruing from said securities
so deposited, whether from exchange, sale or in-
terest, shall belong to and be collected by the said
Cornpanv,

Sec. 5. And be it enacted, That the said Thomas
E. Bond, Joseph Bruff, T. I. Magruder, L. Passano,
William E. Munsey, Harvey L. Byrd, John K.
McCulloh, Robert A. Holland, William S. Whitely
and G. Morris Bond, be and they are hereby
constituted and appointed commissioners, or a

Open books.

majority of them, to open books in the city of
Baltimore, at such time, and in such manner, and
under such rules and regulations as they, or a
majority of them shall deem proper, to take sub-
scriptions to the said guarantee capital stock, and
when the sum of twenty-five thousand dollars
have been subscribed and actually paid in, and in-
vested in either of the securities hereinbefore
named, and the said securities deposited with the

Deposit with
Treasurer of
State.

Treasurer of this State as aforesaid, and the said
Treasurer's certificate therefor obtained and pub-
lished in one or more newspapers of the city of
Baltimore, the said Company shall organize by the
election and appointment of its officers, agents and
servants, and thereupon, at once commence and
conduct its business.

Sec. 6. And be it enacted, That the corporate
powers of said Company shall be vested in a Board

Directors.

of Directors, thirteen in number, a majority of
whom shall be citizens of the State of Maryland
and holders of guarantee capital stock.

Sec. 7. And be it enacted, That an election for
Directors of said company shall be held at the office