JOSEPH KENT, ESQUIRE, GOVERNOR.

1827

For one year next ensuing the elections respectively, and until
others shall be chosen and no longer. And at their first meet-
ing after each election, the directors shall choose a president,
being a stockholder and a resident of the said city: And
should it at any time happen, that an election of directors
shall not be made upon the day when, pursuant to this act,
it ought to have been made, the said corporation shall not for
that cause be deemed to be dissolved, hut it shall be lawful
upon any other day within, ten days thereafter, to make an
election of directors in such manner as is herein before di-
rected. And in case of the death, resignation, or disqualifi-
cation of the president or of a director, the place so becom-
ing vacant, may for the remainder of the year be filled up by
the board of directors for the time being. And in case of
sickness or necessary absence of the president, his place may
be supplied by a director, whom the board of directors may
for that purpose appoint. And before the directors, at their
first meeting after each election, as above mentioned, choose
a president, they shall fix the annual salary of the said presi-
dent, who may employ a clerk or assistant, under him, at his
own expense.

CHAP, 69.

SEC. 4. And be it enacted, That the president and directors
of the said corporation shall have full power and authority to
make insurances on vessels, merchandise, freights, and all
other personal property, or interests in or touching property,
at sea, or going to sea, or going or gone by land or water, or
subjected to, dependent on, or connected with, the risks of
conveyance by sea, or land, or water, and to lend money on
bottomry and respondentia; — and generally to transact al! bu-
siness, enter into all contracts, and take all security, for and

Powers of presi-
demand directors

relative to the objects aforesaid: Provided, however That the
said corporation shall not insure on any vessel or bottom, or
en any one risk more than twenty thousand dollars. And
the said president and directors shall have full power and
authority to ordain and establish all by-laws, ordinances and
regulations, for governing and regelating the concerns, and
effecting the purpose and the objects of said corporation, not
being contrary to this act, or to the constitution and laws of
this state, or of the United States.

Proviso.

SEC. 5. And be it enacted, That the president and directors
shall have full power and authority ta vest the capital and
surplus funds of the company, from time to time, in public
funds, or bank stocks, and generally to vest and dispose of the
capital, money, and property of the company, as they shall
deem most advantageous.

May vest or dis-
pose of capital &c

SEC. 6. And be it enacted, That the president and directors
shall, from time to time, apply all sums received 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 any diminution by such losses; and shall make such
dividends of their clear nett profits, from time to time, as
they shall judge expedient's Provided however That the said

Dividends