1831.

LAWS OF MARYLAND.

CHAP. 160.

Oath of pmtdent
and directors.

vious to entering upon their respective duties shall take the
following oath or affirmation, "I, A. B. do swear (or affirm,
as the case may be) diligently, faithfully, honestly and im-
partially, to discharge the duties of my office of president
or director, (as the case may be) to the best of my ability and
knowledge.'' It shall be the duty of the president to preside

Their powers and
duties.

at all meetings of the board, and in case of his absence, his
place shall be supplied by one of the board, to be appointed
by the directors; and the president and directors shall have
power to effect all kinds of insurance against fire, upon
every description of buildings, the inland transportation of
goods, wares and merchandise, and all kinds of country pro-
duce, and upon those goods, wares and merchandise, and
country produce in store or otherwise; to invest the funds
of the company in such stocks as they may deem most ex-
pedient and advantageous; and to appoint a secretary and
all necessary clerks and servants, and to allow them such
salary and wages as they may judge reasonable; to ordain
and establish all by-laws, ordinances and regulations, which
may appear necessary for conducting and regulating the af-
fairs of the said institution, not being contrary to nor incon-
sistent with this act, the constitution and laws of this state,
or of the United States; that they shall keep full, fair and
correct entries of their transactions, which shall be at all
times open to the inspection of any of the stockholders,
that they shall have power to erect, rent or purchase a
suitable building or buildings in the city of Frederick, for
the purpose of transacting the affairs of the institution, and
generally they shall have power to do all things necessary
to the successful operation of the institution; and seven di-
rectors, with the president, shall form a quorum for the
transaction of business, and all questions shall be decided
by a plurality of votes.

Policies of insur-
ance.

Sec. 13. And be it enacted. That all the policies of insur-
ance made by this institution, shall be signed by the presi-
dent, attested by the secretary, and sealed with the common
seal of the company; and in all cases of fire, in which the
property insured by the company shall be actually consum-
ed or destroyed, the president and directors shall adjust the
loss and pay the amount out of the funds of the company,
according to the terms of the policy, and in cases in which
the destruction of the properly insured, shall have been par-

Ascertain losses

tial, the amount of loss shall be determined by assessors
appointed as follows: the person whose property has been
damaged, shall select one disinterested person, and the
board of directors another, and should these two persons
disagree in their valuation of the amount of loss, they shall
choose a third as umpire; and their award shall be final.