WILLIAM GRASON, ESQUIRE, GOVERNOR.

1840.

gular meeting appoint to act as president pro tem, but until
such appointment by the directors, the president may ap-
point a director to supply his place as president pro tem;
before the directors at their first meeting after such elec-
tion as abovementioned, choose a president, they shall fix
the salary of that officer, and the president and directors
shall have power to appoint all other necessary officers,
and agents of the company, shall fix their compensation, and
shall have power to fill any vacancy that may occur in any
of the officers of the company.

CHAP. 82.

President's sa-
lary.

SEC. 7. Be it enacted, That the president and directors
of the said corporation shall have full power and authority
to make insurances on vessels, merchandise, freight, and all
other personal property or interests in or touching proper-
ty at sea, or going to sea, or going or gone by land or wa-
ter, or subject to, dependant 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.

To make insu-
rances.

Loan money.

SEC. 8. Be it enacted, That the president and directors
shall have full power and authority to invest the capital and
surplus funds and profits of the company from time to time
in public funds, bank stocks, or other securities, and gene-
rally to invest and dispose of the capital, money and pro-
perty of the company, as they shall deem most advantage-
ous.

Capital may be
invested.

SEC. 9. Be it enacted, That it shall be the duty of
the president and directors to superintend the concerns of
the company, in all things not otherwise herein provided
for, and to cause a proper office to be kept for the trans-
action of business; the president and directors shall hold a
monthly meeting, and snail at every such meeting examine
the state of the company's affairs, and shall act on all mat-
ters and things which may come before them, and shall hold
such other meetings as may be deemed necessary, when
thereunto notified by order of the president; the president
and three directors, or in the absence of the president, five
directors shall constitute a quorum; it shall also he the duty
of the president and directors to investigate the best mode
of investing, from time to time, the funds and surplus pro-
fits of the company, and a majority of the board shall nave
power to direct the manner of loaning and investing the
same; they shall also at the end of the year, examine the
statement of the affairs of the company, and shall compare
the same with the books, and shall fix the amount for which

Duties of pre-
sident and di-
rectors.