1827

LAWS OF MARYLAND.

CHAP. 189

Powers of direc-
tors

transfer of proxy shall be allowed, and that no person shall be
allowed to vote as the proxy of more than one stockholder.
SEC, 6. And be it enacted. That the directors of the said:
corporation, for the time being, four of whom with the presi-
dent, or in case of his absence, seven shall be a quorum, shall,
have power to appoint such officers, clerks, agents, and other
persons, as shall be necessary for conducting and executing
the business of the said corporation, as well in the said city of
Baltimore as elsewhere, and to allow the said persons so ap-
pointed, such compensation for their services respectively as
they shall deem reasonable, and generally to exercise all other
powers and authorities for well-governing and ordering the
affairs and funds of the said corporation, as this act confers

Authorised to in-

vest

and allows.
SEC. 7. And be it enacted, That it may be lawful for the
said corporation to invest the capital stock thereof, and all,
monies received for premiums of insurance, and for the grant
and sale of annuities, and other purposes, in any stock of
the United States, or of this state, or of any chartered or in-
corporated bank, or in the purchase of ground rents or mort-
gages, or to lend the same on good and sufficient security
and also to sell and dispose of, and transfer all or any of the
said stock and securities, and to invest the proceeds thereof;
in like and other such stock or securities, whenever the safety

Banking prohibi-
ted

or immediate exigencies of the said corporation shall render
the same necessary: Provided, That no deposit, loan of money
upon interest, (except in such cases as may be authorised by
this section) or promissory note, shall be alfowed, made or

Trading prohibi-

ted

issued in the manner of a banking institution: And provided
also, That nothing in this act contained, shall be construed to
authorise the said corporation to buy or trade in any stock
whatsoever, for the purpose of making a profit by such buy-

Insurance author-
ised

Contracts

ing and trading.
SEC. 8, And be it enacted, That the president and directors-
shall have full power on behalf of the said corporation, to
make insurances on lives, by sea and on shore, and to contract
for, grant and sell annuities, and reversionary payments, and
generally to make all kinds of contracts, in which the casual-
ties of life and interest of money are principally involved,
except as before excepted, and to make, execute, and perfect,
such and so many contracts, bargains, agreements, policies,
and other instruments, as shall or may be necessary, and as
the nature of the case .shall or may require; and every such
contract, bargain, agreement and policy, to be made by the

In writing, &c

said corporation, shall be in writing or in print, and shall be
under the seal of the said corporation, signed by the president,
and attested by the actuary or other officer who may be ap-

Payments to heirs
of persons dying as
criminals, suicide
and duelists, pro
hibitted

pointed by the president and directors for that purpose.
Sec, 9 And be n enacted, That this corporation shall not
have power to pay over any sums to the heirs of those who
shall die by the laws of justice, or by suicide, or in conss-
quence of a duel.