A. W. BRADFORD, ESQUIRE, GOVERNOR,
the Board of Directors so soon as they shall be

551

appointed and prepared to receive the same; pro-
vided, that the neglect or omission to open books
on that day shall not invalidate this charter; and,
provided, also, that books be open. to receive such
subscriptions, at any time on or before the expira-
tion of five years after the date of this act of
incorporation, and to continue from time to time
in the discretion of the Board of Directors, or a
majority of them, until the whole amount of the
capital stock of this company shall be subscribed
for.

Provisos.

Sec. 6. And be it enacted, That the affairs of
this company shall be managed by a President
and Board of Directors, composed of eighteen
stockholders and to be elected annually on the
first Monday in February, after the first election
shall take place, at anytime in the discretion of
the Commissioners; to hold their office for the term
ot one year, or until others shall be appointed, the
majority of the stock voted to be necessary to an
election; and in case of the death, resignation or
disqualification of the President, or a Director,
the Directors shall proceed to elect another to fill
such vacancy for the remainder of the year.

Management.

Sec. 7. And be it enacted, That the President
and Directors shall be and are hereby authorized
to make all kinds of insurance against fire within
the city of Baltimore and elsewhere, and generally
transact and perform all business relative to the
object aforesaid, and also to invest the capital or
funds of the association from time to time, in the
public funds of the United States, or in any other
stock or property, and to dispose of the money or
property of the association in such manner (not
contrary to law) as to them shall appear most ad-.
vantageous to the association.

Authorized to
make insur-
ance.

Sec. 8. And be it enacted, That the President
and Directors shall declare dividends of the profits
of the corporation semi-annually, or so much
thereof as to them shall appear advisable; and in
case of any loss or losses, whereby the capital
stock shall be diminished, no subsequent dividend
shall be made until a sum equal to such diminu-
tion arising from the profits of the corporation, or

Dividends.