1845.

LAWS OF MARYLAND.

CHAP. 125.
First meeting.

SEC. 8. And be it enacted, That the first meeting of
the company for the election of directors, shall be held
on the first Monday in March, eighteen hundred and for-
ty-seven, and annually thereafter, on the same day in
every year, a similar meeting shall he held for the same
purpose, notice of said meetings shall be given in two
daily newspapers printed in the city of Baltimore at least
ten days previously to said meeting, the said nine direc-
tors shall be chosen by ballot at the annual meeting, for
the term of one year and until others are chosen in their
stead; and at their first meeting after each election, the
directors shall choose a president, who shall also be a re-
sident of Baltimore; and should it at any time happen
that an election of directors shall not be made upon the
day when pursuant to this act it ought to have been
made, the corporation shall not for that cause be deemed
to be dissolved; but it shall be lawful, upon any other
day, within twenty days thereafter, to make an election
of directors, in such manner as is hereinafter directed;
and in case of the death, resignation, or disqualification

Fill vacancies.

of the president or of a director, the place so becoming
vacant, may, for the remainder of the year, be filled up
by the board of directors, for the time being; in case of
the sickness or necessary absence of the president, his
place may be supplied by a director, whom the board of
directors may, at their next regular meeting appoint to
act as president pro tem.; but until such appointment
by the directors, the president may appoint a director to
supply his place as president pro. tem; before the di-
rectors, at their first meeting after each election, as
above mentioned, choose a president, they shall fix the

Fix salary.

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 offices of the company.

Power and au-
thority.

SEC. 9. And be it enacted, That the president and. di-
rectors of the said company, shall have full power and
authority to make insurance on vessels, merchandise and
freight, and all other personal property, and interest in
or touching property at sea, or going or gone by land or
water, or subject to, dependent on, or connected with
the risks of conveyance by sea, or land, or water; and
to lend money on bottomry and respondentia; also to
make insurances against loss and damage by fire on all
kinds of property; and generally to transact all business,
enter into all contracts, and take all security for and rela-
tive to the objects aforesaid.