THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

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
necessary, when thereto notified by the order of the pre-
sident; the president and three directors, or in the ab-

CHAP. 291.

sence of the president, five directors shall constitute a
quorum; it shall also be the duty of the president and
directors, to investigate the best mode of investing, from
time to time, the funds and surplus profits of the compa-
ny; and they shall have power to direct the manner of
loans and investing the same; they shall also at the end
of the year, examine 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 bal-
ance of profits are to be issued, as hereinafter provided
for.

Constitute a
quorum.

SEC. 12. And be it enacted, That the president shall
attend daily at the company's office, and receive appli-
cations for insurance; shall, whenever he may deem it ne-
cessary, examine alone or jointly with the directors,
all the vessels or other property in the city of Baltimore
proposed to be insured; he shall cause all property be-
longing to the company to be safely kept, and shall de-
posite the same in a bank, to the credit of the president
and directors of the Globe Mutual Insurance Company,
of Baltimore, subject to be drawn by a check or checks,
drawn by him, and countersigned by two of the direc-
tors; he shall sign all policies; he shall, under the di-

President shall
attend daily at
company's of-
fice.

rection of the board, invest all sums which can be so in-

vested, within sixty days from the receipt thereof, in
such stock and securities as the board may order; he
shall exhibit to the board at each monthly meeting, a
full statement 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 presi-
dent pro. tern., to be appointed as above provided, shall
have all the powers and perform all the duties of the
president.

Invest all
sums, &c.

SEC. 13. And be it enacted, That the president shall
further, have kept a true account of all the votes of the

corporation, which shall be open to all members during,
office hours; and 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.

Keep a true
account of all
the votes of the
corporation.