544
Not to be dis
solved by rea
eon of failure
to hold elec-
tion
Authorized
to make all
kinds of insurance.
Make by-laws
rules and re-
gulations.
Appoint em-
ployees.
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LAWS OF MARYLAND.
among the other stockholders, and in case of the
death, resignation or disqualification of the Presi-
dent, Vice President or a Director, the directors
shall proceed to fill such vacancy for the remainder
of the year.
SEC. 7. And be it enacted. That should it so happen
'frm any cause whatever, that the annual election of
i directors should not take place in any one year, on
the day hereinbefore mentioned for that purpose,
tins company shall not for that reason be dissolved,
lint such election may lawfully be held on such conve-
nient day thereafter as may be fixed by the Presi-
dent and Directors, they causing ten days' notice
thereof to be given, in two or more of the daily
newspapers published in the city of Baltimore.
SEC. 8. And be it enacted, That the President and
Directors shall be and are hereby authorized to make
all kinds of Fire and Inland Insurance, also to make
reinsurance upon all or any of the risks taken by
them, and generally to transact and perform all bus-
iness relative to the objects aforesaid, and also to in-
vest the capital and funds of the company, from time
to time, in the stocks and bonds of the United
States, State of Maryland, or other well secured
stocks, and to dispose of the money or property of
the company in such manner (not contrary to law)
as to them shall appear most advantageous to the
company.
) SEC. 9. And be It enacted. That the President and
Directors shall make such by-laws, rules and regula-
tions (not inconsistent with this Act, or the Con-
stitution and Laws of this State,) as may be deemed
necessary for the government of its officers and the
conduct of its affairs.
SEC. 10. And he it enacted, That the President and
Directors shall have power and authority to appoint
a secretary and such other officers or clerks under
them as shall be necessary for transacting the busi-
ness of the company, and may allow such salaries as
they shall judge reasonable, shall provide for com-
pensating the President and other officers of the
company.
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