A. W, BRADFORD, ESQUIRE, GOVERNOR.

to make all kinds of insurance against fire, within
the city of Baltimore and elsewhere, and generally
to transact and perform all business relative to the
objects 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
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.

331

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 diminution,
arising from the. profits of the corporation, or the
contributions of the stockholders, shall have been
added to the capital.

Dividends.

Sec. 9. And be it enacted, That the President
and Directors shall have power and authority to
appoint a Secretary, Clerk, and such other officer
or officers as may be required for the transaction of;
the business of the association ; make such by-
laws for its government, and to do all other things
necessary and proper for a corporate association,
and which are not contrary to, or inconsistent with
this act, the Constitution and Laws of the State,

President and
Directors em-
powered to ap-
point Secreta-
ry and other .
officers.

or of the United States ; and may, from time to
time, alter or annul such by-laws ; provided, such
changes are not inconsistent with this act, the Con-
stitution and Laws of the State, or of the United
States ; and shall have power to hire or purchase
a suitable lot of ground, or building or buildings,
for the purpose of transacting the affairs of the
company, and generally to conduct the entire
business thereof.

Proriso.

Sec. 10. And be it enacted, That the President
and Directors shall keep full, fair and correct en-
tries of their transactions which shall, at all times
be open to the inspection of the stockholders ; and
they shall annually prepare a full and true state-
ment of the funds, property and securities of the
association, showing the amount in real estate, in
bonds and mortgages, in notes and securities, in

Correct en tries
of transactions
so kept, &c.