604

LAWS OF MARYLAND.

generally to do anything proper to carry into effect the pro-

visions of this Act, or to promote the object and designs of

the company hereby incorporated.

Principal of-
fice.

SEC. 2. And be it enacted, That the principal office of said

corporation shall be located in Baltimore City.

SEC. 3. And be it enacted. That the capital stock of said

company shall be one thousand dollars, divided into one hun-

dred shares of ten dollars each. And the incorporators, or a

majority of them, named in this Act shall have power to open.

books for subscription at such times and places as they may

deem expedient ; and when said one hundred shares have been

subscribed, and shall have been paid in, the stockholders shall

Stock capi-

talized.

elect not less than five directors, nor more than twelve, as the

stockholders may determine, to serve until the annual election

in May of the year 1905, and the directors, when so elected,

may and they are hereby authorized and enforced to exercise

in the name of the company all the rights and privileges hereby

intended to be granted.

SEC. 4. And be it enacted, That the directors shall hereafter

be elected on the first Monday in May of each year, and shall

Directors.

elect from their number a president, a secretary and a treas-

urer, and they shall have the power to employ such other offi-

cers, agents and clerks as the business may require.

Power to ex-

SEC. 5. And be it enacted, That the said corporation shall

amine build-

have the power to examine buildings, appraise same and their

ings,

contents, make drawings, plans and inventories, preserve rec-

ords of same, audit building accounts, adjust losses, make up

notices and proofs of losses, keep duplicates of insurance pol-

icies of life insurance, fidelity insurance, contract of casualty

insurance, contract of indemnity insurance, contract of marine

insurance, and any other form of insurance contracts ; audit

accounts of individuals, firms and corporations, and do any

work for the protection of the assured.

Power to make
by-laws.

SEC. 6. And be it enacted, That the directors of said cor-

poration shall have the power to make by-laws, as they may

deem wise, for the management of said corporation.

SEC. 7. And be it enacted, That this Act shall take effect

from the date of its passage.

Approved April 12, 1904.