1845.

LAWS OF MARYLAND.

CHAP. 372.

President and
Directors to
make all insu-
rances.

SEC. 20. And be it enacted, That the president and
directors shall be and they are hereby authorised to make
all kinds of insurance against fire within the limits of the
city of Baltimore only; and generally to transact and per-
form all business relative to the objects aforesaid, and
also to invest the capital and funds of the association from
time to time in the public funds of the United States, or
in any other stocks, and to dispose of the money and
property of the association in such manner, not being
contrary to law, as to them shall appear most advanta-
geous to the association.

They shall de-
clare dividend.

SEC. 21. And be it enacted, That the president and
directors shall declare dividends of the profits of the cor-
poration or so much thereof as to them shall appear ad-
visable; and in case of any loss or losses, whereby the
capital stock of the association shall be lessened, no sub-
sequent dividend shall be made until a sum equal to such
diminution, and arising from the profits of the associa-
tion shall have been added to the capital.

How to assess
damages.

SEC. 22. And be it enacted, That in case of partial de-
struction by fire and the parties cannot agree, the loss
shall be determined by assessors appointed as follows;
the person whose property is insured shall have the privi-
lege of selecting one disinterested person, the board of
directors of this association shall select another — should
these two disagree in their valuation of a loss, they shall
select another disinterested person, and their award, or
a majority of them shall be final.

Appoint offi-
cers.

SEC. 23. And be it enacted, That the president and di-
rectors shall have power and authority to appoint a se-
cretary and such other clerks and officers under them as
shall be necessary for transacting the business of said as-
sociation, and may allow them such salary as they shall
judge reasonable to ordain and establish such by-laws,
ordinances and regulations as shall appear necessary for
regulating and conducting the concerns of said associa-
tion, not being contrary to, or inconsistent with this act,
the constitution and laws of this State, or of the United
States; they shall keep full, fair and correct entries of
their transactions, which shall be at all times open to
the inspection of the stockholders, and be annually re-
ported at the annual meeting of the fire department; and
they shall also have power to hire, purchase or build a
suitable building or buildings in the city of Baltimore, for
the purpose of transacting the affairs of the association
and generally conduct the entire business thereof.