THOMAS W. VEAZEY, ESQUIRE, GOVERNOR,

1835.

to transact and perform all business relative to the objects aforesaid; and to provide for the investment of

CHAP. 65.

the funds of the company in the public debt of the

Invest funds

United States or of this State, or the debt of the corpo-

ration of the city of Baltimore, or the stock of some

incorporation of this State, and generally to make, exe-

cute and perfect all such contracts, agreemen's and

other instruments, as may he found necessary to carry

into effect the provisions of this act; Provided, however,

Property restricted

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.

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

Make by laws

Directors, for the time being, shall have power and

authoriiy to ordain and establish such by-laws, ordi-

nances and regulations as shall appear necessary in

regulating the concerns of the said company; and also

to appoint such officers, clerks and servants under them

Appoint officers

as shall be deemed necessary for executing the business

of the said company, and allow them and the President

such salaries as they may judge reasonable.

SEC. 8. And be it enacted, That all policies of in-

Form of policies

surance made by this company shall be signed by the

President and scaled 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, out of the funds

of the company; and in case of the absence, death, re-

signation or disqualification of the President, the

Directors, for the time being, shall appoint a President,

President pro tem

pro tempore, to execute the several duties assigned to

him, until the vacancy is filled up as provided for by

this act.

SEC. 9. And be it enacted, That the said company

Application of funds

shall, from time to time, apply all sums of money re-

ceived by them for premiums, to the payment of losses

in the first instance, and to make up the amount of their

original capital whenever it shall have suffered any

diminution by losses under insurances or otherwise;

and that the dividends shall be made of the nett profits

Dividends