PRIVATE ACTS. 1455

such price in the excess of the par value as the board of direc-
tors or managers may prescribe.

SEC. 5. And be it enacted, That the said body corporate shall
be capable in law to insure real and personal property and
effects against loss or damage by fire, lightning, tornado, hail
and wind storms, under such conditions as may be by said
body corporate adopted and embodied in the contract or policy
of insurance.

SEC. 6. And be it enacted, That the said body corporate shall
have authority to make and effect marine insurance to insure
vessels, cargoes and other property against loss or damage by
wind, wave and water, while in transit or in harbor, and may
make such by-laws and regulations concerning liability for
such loss or damage as may be deemed necessary.

SEC. 7. And be it enacted, That the said body corporate shall
have the right to purchase, improve, lease, mortgage, hold and
dispose of property, real, personal or mixed; to borrow or loan
money on mortgage or otherwise; to make advances upon
buildings and lands; to loan on collateral or private securities
and do all other acts that may be promotive of the interests of
said body corporate in so far as they shall not be in conflict
with the law of the United States and the State of Maryland.

SEC. 8. And be it enacted, That the board of directors or
managers of said body corporate shall consist of not fewer than
five nor more than twenty-five members thereof, a majority of
whom may constitute a quorum when the number is less than
eight and five when the number is eight or more.

SEC. 9. And be it enacted, That no one shall be eligible as
president, vice-president, secretary or treasurer of said body
corporate who is not a bona fide holder of at least one hundred
shares of the stock of the corporation, nor shall any one be
eligible as a director who is not a bona fide holder of at least
fifty shares of stock, which, upon his ceasing to hold, it shall
be the duty of the directors to declare his or their offices va-
cant, and to fill the vacancy.

SEC. 10. And be it enacted, That the stock of said body cor-
porate may be assigned or transferred on the books of the cor-
poration in person or by attorney only, but no stockholder
indebted to the corporation shall be permitted to make a trans-
fer of his stock or receive any dividend until such debt be paid
or secured to the satisfaction of the president and directors.

SEC. 11. And be it enacted, That the said corporation shall
have the authority and power to write, execute or issue poli-
cies of insurances, as provided in sections five and six of this