1628

LAWS OF MARYLAND.

CHAP. 4.

Appointment of
Directors. Pre-
sident

subject to the provision and condition herein after men-
tioned.
Sec. 3. And be it enacted, That for the well ordering
the affairs and transacting the business, and carrying into
effect the objects of the said corporation, there shall be thir-
teen directors, being stockholders therein, not directors of
any other company usually making marine insurances; the
said thirteen directors shall be chosen by ballot on the first
Monday of February, in the year eighteen hundred and
twenty-nine, and on the same day in every year thereafter,
by plurality of votes of the stockholders present, in person
or by proxy, each stockholder having as many votes as he
may hold shades; and the directors so chosen shall serve 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, they, from their number, shall choose
a president, having previously fixed his annual salary; 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, but it shall be law-
ful upon any other day within ten days thereafter, to make
an election of directors in such manner as is herein before
directed: and in case of death, resignation or disqualifica-
tion, of the president or of a director, the place so becoming
vacant, may for the remainder of the year be filled up by the
board of directors for the time being; and in case of sick-
ness, or necessary absence of the president, his place may
be supplied by a director, whom the board of directors may
for that purpose appoint.

Their powers

Sec. 4. And be it enacted, That the president and di-
rectors of the said corporation shall have full power and au-
thority 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 all business, enter into all contracts, and take all
security for and relative to the objects aforesaid.

Surplus funds

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

Application of
premiums, &c

Sec. 6. And be it enacted, That the president and di-
rectors shall, from time to time, apply all sums received by
them for premiums and interest, or dividends on their in-
vestments, to the payment of losses and other charges in-