THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835.

supplied by a Director, whom the board of Directors

CHAP. 285.

may for that purpose appoint, and before the Directors

Salary

at their first meeting after each election, as above

mentioned, choose a President, they shall fix the annu-

al salary of the said President and such clerk or as-

sistant under him as the said company may authorise.

SEC. 5. And be it enacted, That the president and

Power to insure

directors of said corporation, shall have full power and

authority to make insurances on vessels, merchandize,

freights and all other personal property, or interest in

or touching personal property at sea, or going to sea,

or going or gone by land or water, or subject to, de-

pendant on, or connected with the risks of conveyance

by sea, or land or water, and to lend money on bot-

tomry and respondentia, and generally to transact all

business, enter into all contracts, and take all security

for and relative to the object aforesaid; Provided, how-

Limit

ever, that the said corporation shall not insure on any

vessel or bottom, or on any one risk more than twenty

thousand dollars, and the said president and directors

Bylaws

shall have full power and authority to ordain and esta-

blish all by-laws, ordinances and regulations, for go-

verning and regulating the concerns, and effecting the

purposes and objects of said corporation, not being

contrary to this act, or the constitution and laws of

this State, or of the United States.

SEC. 6. And be if enacted, That the president and

Vest surplus

directors shall have full power and authority to vest

the capital and surplus funds of the company from time

to time, in mortgages upon real estate within the city

of Baltimore, and in such public funds or bank stock

as they shall deem most advantageous for the interest

of the stockholders; Provided, that nothing In this act

No banking priv-

iledges

shall he so construed as to confer upon said corpora-

tion any banking privilege, nor the right to issue any

note in the nature of a bank note.

SEC. 7. And be it enacted, That the president and

Application of

directors shall from time to time apply all sums re-

money

ceived by them for premiums and interest or dividends

on their investments, to the payment of losses and

charges in the first instance, and to make up the

amount of their original capital, when it shall sustain