PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

pany shall be competent to transact all kinds of busi-
ness for which it is established.

CHAP. 194.

SEC. 5. And be it enacted. That the commissioners
heretofore named, or any three of them, shall open
books of subscription for the capital stock of the com-
pany hereby incorporated, on or before the fifteenth
day of October, eighteen hundred and fifty, in some
suitable place in the city of Baltimore, and shall de-
liver the said money paid on the subscription to the
board of directors, so soon as they shall be appointed

Books to be
opened.

and prepared to receive the same; provided, that the
neglect or omission to open books on that day, shall
not invalidate this charter; and provided also, that
books be opened to receive subscriptions at any time
on or before the expiration of six years after the date
of this act of incorporation, and to continue from time
to time, in the discretion of the board of directors, or
a majority of them, until the whole amount of the
capital stock of tins company shall be subscribed for.

Provisoes.

SEC. 6. And be it enacted, That the affairs of this
company shall be managed by a president and board
of directors, composed of twelve stockholders, and to
be elected annually on the first Monday in June, after
the first election shall take place, at any time in the
discretion of the commissioners, to hold their offices
for the term of one year, or until others shall be ap-
pointed, the majority of the stock voted to be neces-
sary to an election, and the president and directors,
previous to entering on the duties of their respective
offices, shall take the following oath or affirmation :
I do swear or affirm, as the case may be, that I will
faithfully, diligently, impartially and honestly fulfil
the duties of my office of ——— , to the best of my
knowledge and ability.

Affairs — how
managed.

SEC. 7. And be it enacted, That no director of any
other fire insurance company shall be allowed to be
a director in this, and should any director of this com-
pany be elected to any other fire insurance company,
his acceptance of that appointment shall ipso facto
disqualify him from continuing a director in this com-
pany, and it shall vacate his place as a director, and
notice of such vacancy shall be given in one or more
of the daily newspapers published in the city of Bal-
timore, and for an election to fill up said vacancy ten
days previous thereto.

Qualification of
directors.

SEC. 8. And be it enacted, That in case of the death,
resignation or disqualification of a director for the re-
mainder of the year, the election to fill up such va-

Vacancies —
how supplied.