1831.

LAWS OF MARYLAND.

CHAP. 191.

bridges, and other works and buildings, and on goods, wares,
merchandises, choses in action, country produce, and per-
sonal property of every description, whether in store or
transit; and they shall also have power and authority to
make marine insurances, to loan money on bottomry and re-
spondentia, and to make insurance on lives, to receive en-
dowments, to grant annuities, to contract for reversionary
payments, to make all kinds of contracts in which the ca-
sualties of life are involved, to provide for the investment of
the funds of the corporation in such manner as they shall
deem most safe and beneficial, and generally to make, exe-
cute and perfect, all such contracts, agreements and other
instruments, as may be found necessary to carry into effect

Of real property.

the provisions of this law: Provided however. That the said
company shall not be competent to hold any real estate,
other than such as may be necessary for their immediate
accommodation in business, or may be held or recovered by
them as security for their debts.

Powers of presi-
dent and directors.

Sec. 6 And be it enacted, That the president and direc-
tors, for the time being, shall have power and authority to
ordain and establish such by-laws, ordinances and regula-
tions, as shall appear necessary in regulating the concerns
of the said corporation, and also to appoint such officers,
clerks and servants under them, as shall be deemed neces-
sary for executing the business of said company, and allow
them such salaries as they may judge reasonable.

Signatures of po-
licies,&c.

Sec. 7. And be it enacted. That all policies of insurance
made by this corporation, shall be signed by the president,
and sealed with the common seal, and all losses on any such
policy or policies, shall be adjusted by the president and board
of directors,and paid agreeably to the terms of the policy, and
of the fund of the corporation; and in case of the absence,
death, resignation, or disqualification of the president, the

President pro.
tem.

directors, for the time being, shall appoint a president pro
tempore, to execute the several duties assigned to him, until
the vacancy is filled up as provided for by this act.

Appropriations oi
recipes.

Sec. 8. And be it enacted, That the said corporation shall,
from time to time, apply all sums of money received by
them for premiums, to the payment of losses in the first in-
stance, and to make up the amount of their original capital
whenever it shall have suffered any diminution by losses;

Dividends of pro-

fit

and that dividends shall be made of the net profits arising
on the capital stock, at such times as the president and di-
rectors may judge proper, not oftener than once in six months,
and the same shall be paid to the stockholders or their legal
representatives; but if at any time a dividend shall be de-
clared of a greater amount than the net profits of the said