76

LAWS OF MARYLAND.

annual election may not take place on the day
named, such election may be lawfully held within
thirty days thereafter, ten days notice being given
in two or more daily newspapers published in the
city of Baltimore.

Authorised
to make Insu-
rance.

Sec. 4. And be it enacted, That the President
and directors of said company shall be, and hereby
are authorized and empowered to make insurance
on dwellings, houses, stores, buildings, furniture,
merchandize and other property against loss or
damage by fire, and the risk of inland navigation
and transportation, and to make insurance upon
vessels, freights, goods, wares, merchandise, specie,
bullion, jewels, profits, commissions, bank notes,
bills of exchange, and other evidences of debt,
bottomry and respondentia interests, and to make
all and every insurance appertaining to or con-
nected with marine risks and risks of transporta-
tion and navigation, to enter into contracts and to
take security relative to the objects aforesaid, to
invest the capital and funds of the company in
bonds and loans of the United States, the State of
Maryland, and other securities; to dispose of the
property or money of the company in such man-
ner not contrary to law, as to them shall appear

Power to
purchase lot.

most advantageous to the company; and the said
President and directors shall have power to pur-
chase or hire a suitable lot and building or build-
ings, within the limits of the city of Baltimore,
for the purpose of transacting the business of the
company.

Power to
make by-
laws.

Sec. 5. And be it enacted, That the President
and directors shall make such by-laws, rules and
regulations not inconsistent with the Constitution
and Laws of this State, as may be necessary to con-
duct its affairs, for the government of its officers
and agents, and to designate the number of direc-

Proviso,

tors; provided, that said by-laws may be amended
or rescinded by a majority of the stockholders; the
President and directors shall keep full and correct
accounts of their transactions, which shall be open
at all times to the inspection of the stockholders;
they shall prepare annually a full and true state-
ment of the affairs of the company, which state-
ment shall be certified by the President and Seci'3-
tary; they shall have power to appoint a Secretary
and such other officers, clerks and agents as may