1845.

LAWS OF MARYLAND.

CHAP. 193.

Right to de-
crease notes —
cancel, &c.

pany, as if the amount of said notes had actually been
paid in cash to the company for premiums of insurance or
otherwise; but in proportion as the capital of the com-
pany shall be increased by its profits, it shall have the
right to decrease the respective amount of said safety
notes, and ultimately to cancel or return the same to their
respective signers; and should any portion of said notes
have been used for payment of losses or otherwise, be-
fore any disposition shall be made of the funds of the
company towards paying dividends, as hereinafter men-
tioned, the same shall be made good as soon as the busi-
ness and resources of the company will permit; it being
the true meaning and intent of this act, that should the
said sum of two hundred thousand dollars, or any part

Made good.

thereof, be at any time required to meet any demands
against the company, such amount shall be made good to
the respective signers of said safety notes before estima-
ting or dividing any profits of the business of said com-
pany.

Elect direc-
tors — fill va-

cancy.

SEC. 8. And be it enacted, That on the second Tues-
day of July, eighteen hundred and forty-seven, and year-
ly afterwards OH the same day, ten out of the fifty largest
contributors to the company for that year expiring on
that day, either by safety notes or by premiums of insu-
rance or by freight, the selection of whom shall be made
by ballot by the board, and in presence of all persons
interested, who by special notice shall be invited to at-
tend, shall be declared to be directors of the company for
the ensuing year; and in the event of death or resigna-
tion of any one director, the vacancy shall be filled up by
the board, out of the aforesaid list of the fifty largest in-
terested in the affairs of the company.

President and
directors to su-
perintend con-

cerns, &c.

SEC. 9. And be it enacted, That it shall be the duty of
the president and directors to superintend the concerns of
the company in all things, not otherwise provided for, and
for that purpose shall hold regular meetings at least once
a week, and oftener if required; that the president and
four directors shall constitute a quorum for the transac-
tion of business; that the president shall attend daily at
the company's office, and shall receive and have full
power to decide upon all applications for insurance offer-
ed to the company, and to make contract of insurance

Absence of
president.

if in its behalf; that in case of absence of the president, its
duties shall be performed by the vice president; but all
contracts made for or on account of the steamers, or other
concerns of the company, shall be submitted to the ap-
proval and sanction of the board; but the board may, by