| 38
Dec. Ses. 1825. |
JOS. KENT, ESQ. GOVERNOR.
every year thereafter, and choose by ballot from among their
members, the number of directors to which they are entitled;
and each stockholder shall have one vote for each share of stock
not exceeding five shares; one vote for every five shares over
five and not exceeding fifty shares; one vote for every ten shares
exceeding fifty shares; but no person or body corporate shall
have, in any instance, more than twenty votes. The directors
so chosen, shall serve until the first Monday in January,
eighteen hundred and twenty-seven, and until others shall be
chosen, and no longer. At their first meeting after every election,
they shall choose by ballot, a president either from among
their own body, or from amongst the other stockholders; and in
case of the death or disqualification of the president, the directors
shall fill up the vacancy by ballot. The said directors shall
produce (before they enter on the duties herein assigned to
them) a certificate signed by the president and secretary of the
respective fire companies, of the appointment of such person as
director. In case of a director being chosen president, the
place of such director for the remainder of the year shall be filled
up by the company from which such director was delegated,
from among the stockholders of the fire company to which the
director so elected belonged. |
| Vacancies. |
14. And be it enacted, That in case
of the death, resignation,
or disqualification of a director, the place of such director for
the remainder of the year, shall be filled up by the company
from which such director was delegated from the fire company
by whom he was elected. |
Insurance
and investments
authorised. |
15. And be it enacted, That the president
and directors shall
be, and they are hereby authorised to make all kinds of insurance
against fire, within the limits of the city of Baltimore only,
and generally to transact and perform all business relative to the
objects aforesaid. And also to invest the capital and funds of
the company from time to time, in the public funds of the United
States, or in any other stocks, and to dispose of the money
and property of the company in such manner (not being contrary
to law) as to them shall appear most advantageous to the
company. |
| Dividends. |
16. And be it enacted, That the president
and directors shall
declare dividends of the profits of the corporation; or so much
thereof, as to them shall appear adviseable; and in case of any
loss or losses whereby the capital stock of the company shall be
lessened, no subsequent dividend shall be made until a sum
equal to such diminution, and arising from the profits of the
company, shall have been added to the capital. |
Special fund
for disabled
members. |
17. And be it enacted, That the said
president and directors
shall be, and they are hereby authorised to retain and set
apart out of the profits of the said company, from time to time
as they may think necessary, a portion of said profits to constitute
a fund for the special benefit of such members of the several
fire companies belonging to this association, as may become
injured or disabled in the discharge of their duty at any
time. |
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