1844.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 279.

in bank to the credit of the president and directors of the
Mutual Fire Insurance Company of Baltimore, subject to
be drawn by check or checks, signed by him and counter-
signed by two of the directors; he shall sign all the poli-
cies; he shall, under the direction of the board, invest all
sums which can be so invested, in such stocks and securi-
ties as the board may order; and he shall exhibit to the
board at each of its monthly meetings, a full statement of
the affairs of the company, and cause the same to be record-
ed; and said statement shall, at all times, during office
hours, remain subject to the inspection of all persons hold-
ing the policies of the company.

President may
make con-
tracts of in-
surance.

SEC. 9. And be it enacted, That the president shall
have power to make and execute contracts of insurance in
behalf of the company; and also to cause said company to
be re-insured, when deemed expedient, against any risk it
may have insured; but the board may, by a by-law, re-
strict the authority of the president in this respect; and a
larger sum than twenty thousand dollars, shall not be taken
at any one risk.

Bye-laws, &c.

SEC. 10. 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 by-
laws and such regulations as may be necessary to regulate

Proviso.

the concerns of the company; provided, they be not con-
trary to this act, to the laws of this State, and the laws and
constitution of the United States.

President and
Directors to
invest capital
and surplus.

SEC. 11. And be it enacted, That the president and di-
rectors shall have full power and authority to invest the
capital and surplus funds of the company, from time to
time, in public funds, bank stocks and other securities;
and generally to invest and dispose of the capital, money
and property of the company, as they shall deem most act-

Proviso.

vantageous; provided, that this company shall pay into the
Treasury of the State twenty-five cents in the hundred
dollars on the nett amount of profits.

Company may
loan its funds

SEC. 12. And be it enacted, That the said company shall
have authority to loan its funds, or any part thereof, to the
holders of its policies, upon the security of mortgages on
unincumbered real estate within the city of Baltimore, in-
sured by them, but never in amount exceeding the sum in-
sured thereon; the said loans when made, to be subject to
re-imbursement after a period of sixty days, unless at the
expiration of said credit, the company should agree to a
renewal of the same.

Company not
to purchase
real estate.

SEC. 13. And be it enacted, That the said company
shall not be competent to purchase, take or hold any real
estate, other than such as shall be requisite for its immedi-