ALBERT C. RITCHIE, GOVERNOR 1269

pensation of a secretary and other necessary employees shall
be deemed proper expenses of the fund and shall be paid out
of the income thereof, together with other reasonable expenses
incurred in the proper performance of the powers and duties
of the said body corporate, and in connection with such investi-
gation as it may institute for the purpose of enabling it intelli-
gently and wisely to perform its duties. The trustees may em-
ploy as the agents of the said body corporate well qualified
individuals or bodies corporate to act as its fiscal agents
and to advise in the investment of funds, the management and
care of the assets and the collection of income. No invest-
ments shall be made by said trustees except such as may be
from time to time authorized to be made by trustees acting
under the supervision of a court in Baltimore City having
jurisdiction over trust estates, nor shall any investment bo
made unless authorized at a regular meeting of the trustees
by at least four of the trustees, or unless authorized in writing
by at least three of an investing committee of the trustees in
the intervals between regular meetings of the trustees. It,
shall not be necessary for any trustees to give bond for the
faithful performance of his duties, but any individuals em-
ployed by the trustees, whose duties shall include the handling
of money or securities, shall give bond with acceptable secur-
ity for the faithful performance of their duties. The trustees
shall report for assessment and taxation all securities which
may be taxable under the laws of the State of Maryland, until
such time as the securities of the said body corporate may
become free from taxation as being funds devoted to the pub-
lic welfare.

SEC. 7. And be it further enacted, That whenever any exist-
ing or hereafter established organization, whether incorpor-
ated or not, organized for charitable, educational or civic pur-
poses, may desire to deliver over unto Baltimore Community
Foundation all or any part, of its property for the purpose
either of having its work conducted by or under the care of
the said Baltimore Community Foundation or for the pur-
pose of having its property applied by the said Baltimore Com-
munity Foundation to the general purposes of such organiza-
tion, or to the purposes of the Baltimore Community Founda-
tion, the said Baltimore Community Foundation may receive
such property and hold and distribute the principal and in-
come of the same for the special purposes of such organization