1843.

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

chap. 297.

or connected with risk of conreyance by sea, land or wa-
ter, 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 afore-
said, and to cause said company to be re-insured when
deemed expedient against any risk or risks on which it

President and
Directors to
invest capital
and surplus.

make insurance.
Sec. 10. And be it enacted. That the president and
directors shall have full povrer and authority to invest the
capital and surplus funds and profits of the company, from
time to time in public funds, bank slocks or other securi-
ties; and generally to invest and dispose of the capital,
money and property of the company as they shall deem

Proviso.

most advantageous; provided, that this company shall pay
into the treasury twenty-five cents in the hundred dollars

May establish
by-laws.

on their annual profits.
Sec. 11. And be it enacted, That the president and
directors shall have full power and authority by a vote of
not less than a majority of the whole board, to establish
such by-laws as may be necessary for the regulating the
concerns of the company, not being contrary to this act,
to the laws of this stale, and to the laws and constitution
of the United States.

To superin-
tend the con-
cerns of the
company.

Sec. 12. And be it enacted, That it shall be the duty
of the president and directors lo superintend the concerns
of the company in all things, not otherwise herein provi-
ded for, and to cause a proper office to be kept for the
transaction of business; the president and diieclors shall
hold a monthly meeting, and shall at every such meeting,
examine the state of the company's affairs, and shall act
on all matters and things which may come before them,
and shall hold such other meetings as may be deemed ne-
cessary, when thereunto notified by order of the president;
the president and three directors, or in the absence of the
president, five diiectors shall constitute a quorum, it shall
also be the duty of the president and directors to investi-
gate the best mode of investing from time to time the
funds and surplus profits of the company; and they shall
have power to direct the manner of loaning and invest-
ing the same; they shall also at the end of the year ex-
amine the statement of the affairs of the company, and
shall compare the same with the books and shall fix the
amount for which certificates for balance of profits are to
be issued as hereinafter provided for.

Two directors
to serve in
torn.

Sec. 13. And 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