1946.

LAWS OF MARYLAND.

CHAP. 359.

hereinbefore directed; and in case of death, resignation
or disqualification 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; and in case of sickness or necessary absence of
the president, his place may be supplied by a director,
whom the board of directors may appoint.

Full power

and authority.

SEC. 5. And be it enacted, That the president and
directors of said corporation shall have full power and
authority to make insurances on vessels, merchandize,
freights and all other personal property or interest in or
touching property at sea, or going to sea, or going or
gone by land or water, or subjected to, dependent on, or
connected with the risks of conveyance by sea or land,
or water; and to lend money on bottomry and respon-
dentia, and generally to transact all business, enter into
all contracts and take all security for and relative to the
objects aforesaid.

May invest
capital and
surplus funds.

SEC. 6. And be it enacted, That the president and di-
rectors shall have full power and authority to vest the »
capital and surplus funds of the company from time to
time in public funds or bank slocks, or generally to vest
and dispose of the capital, money and property of the
company, as they shall deem most advantageous.

Apply premi-
ums, &c.

SEC. 7. And be it enacted, That the president and di-
rectors shall from time to time apply all sums received
by them for premiums or interest, or dividends on their
investments, to the payment of losses and other charges
incurred; and shall make such dividends of their clear
nett profits from time to time as they shall judge expe-
dient.

Directors may
allow, &c.

SEC. 8. And be it enacted, That the directors of said
company may allow each person effecting insurances in
said company, to participate in the profits of said com-
pany, to an extent not exceeding seventy-five per cent,
of his proportion of the total amount earned on premiums
by parties so participating; provided however, that the in-
sured so participating in such profits, shall receive
a certificate thereof; which certificate shall contain a
proviso, that the amount of profits named therein is li-
able fur any future loss of said company exceeding
seventy-five per cent, of the current and undivided profits
of said company, and that the same is not transferable
except by written assignment entered on the books of
the company; but no certificate shall be issued for a less
sum than twenty dollars, nor for any fractional sum or
sums less than twenty dollars; but all such fractional
sums are to be placed to the general fund of the com-