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Sec. 14. And be it enacted, That the president shall
attend daily at the company's office, and receive applica-
tions for insurance, shall whenever he may deem it ne-
cessary examine alone or jointly with the weekly direc-
tors, or any other director, all the vessels or other proper-
ty in the city of Baltimore proposed to be ensured; he
shall cause all property belonging to the company to be
safely kept, and shall receive all monies paid into the
office, and shall deposite the same in a bank to the credit
of the president and directors of the Maryland Mutual In-
surance Company of Baltimore, subject to be drawn by
check or checks drawn by him and countersigned by two
of the directors; he shall sign all policies; he shall, under
the direction of the board, invest all suras which can be
so invested, within sixty days from the receipt thereof, in
such stock or securities as the board may order; he shall
exhibit to the board, 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
and ask their opinion thereon, and take the same by vote;
in the absence of the president, the president pro tern to
be appointed as above provided for, shall have all the
powers and perform all the duties of the president.
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President to
attend daily.
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Sec. 15. And be it enacted, That the president shall
further have kept a true record of all the voles of the cor-
poration, which shall be open to all members during office
hours, and he shall have kept a record of all policies issued
by the company, the record of which policies shall be
open to the inspection of all interested therein.
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To have kept
a record of all
votes of the
corporation.
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Sec. 16. And be it enacted, That the president shall
have power to make and execute contracts of insurance
in behalf of the company, but the board may by a by-law
restrict the authority of the president in this respect; and
a larger sum than twenty thousand dollars shall not be
taken on any one risk except by the express direction of
the board.
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Shall have
power to mike
and execute
contracts.
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Sec. 17. And be it enacted, That all notes or obliga-
tions shall be signed by the president, and countersigned
by two of the directors; and no promissory note or obli-
gation except contracts of insurance, shall be given
without the previous vote of the board of directors.
Sec. 18. And be it enacted, That no directors or other
person shall be present (unless requested,) at any meeting
33
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Notes and ob-
ligations to be
signed by the
President.
No person
to be present
at the board
when interes-
ted with busi-
ness.
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