1840.

LAWS OF MARYLAND.

CHAP. 82.

scrip for balance or profits is to he issued to the associates,
as hereinafter provided for.

Duties of pre-
sident.

SEC. 10. Be it enacted, That the president shall attend
daily at the company's office, and receive applications for
insurance; shall whenever he may deem it necessary, exam-
ine alone, or jointly with the weekly directors, or any other
director, all the vessels or other property in the city of
Baltimore, proposed to be insured, and shall fix the sum to
be taken thereon, and the rates of insurance, and adjust
and pay all losses, unless in cases where the opinion of the
board of directors is required; the president shall cause all
property belonging to the company to be safely kept, and
shall receive all monies paid into the office, and shall depo-
sit the same in a bank to the credit of the President and
Directors of the Atlantic Mutual Insurance Company of
Baltimore, subject to be drawn by check or checks drawn
by him and countersigned fay two of the directors; he shall
sign all policies, he shall invest all sums which can be so
invested, within sixty days from the receipt thereof, in such
stock or securities as the directors may order; he shall ex-
hibit to the directors at each monthly meeting, a full state-
ment of the affairs of the company, and cause the same to
be recorded; he may submit any matter to the board of di-
rectors and ask their opinion thereon, and take the same by
vote; in the absence of the president, the president pro tem,
to be appointed as above provided for, shall have all the
powers, and perform all the duties of the president.

Record of votes
and policies,
&c. to be kept.

SEC. 11. Be it enacted, That the president shall further,
have kept a true record of all the votes of the corpora-
tion, which shall be open to all members during office
hours; and he shall have kept a record of all policies is-
sued by the company, the record of which policies shall
be open to the inspection of any interested therein.

Two directors
to serve in turn
each week.

Proviso.

SEC. 12. Be it enacted, That two directors shall serve
in turn for one week, in such order as the board may
agree upon; they shall be ready during that week, at the
request of the president, to give their attendance at the of-
fice, and assist the president in the performance of his duty,
in the manner hereinbefore provided for; provided, that the
directors may exchange weeks by mutual agreement, noti-
fying the president thereof.

To make con-
tracts of insu-
rance.

Limit $20, 000.

SEC. 13. Be it enacted, That the president shall have
power to make and execute contracts of insurance, in be-
half of the company, but shall not take on any one risk a
larger amount than twenty thousand dollars, nor shall he
take any risk that shall be objected to by any four of the