1849.

LAWS OP MARYLAND.

CHAP. 194.

cancy shall take place in the same manner and after
the same notice as hereinbefore provided.

President and
Directors.

SEC. 9. And be it enacted, That the president and
directors shall be and are hereby authorised to make
all kinds of insurance against fire within the city of
Baltimore and State of Maryland, and generally to
transact and perform all business relative to the ob-
jects aforesaid, and also to invest the capital or funds
of the association from time to time in the public funds
of the United States, or in any other stock or proper-
ty, and to dispose of the money or property of the
association in such manner, not contrary to law, as
to them shall offer most advantages to the associa-
tion.

Dividends, &c.

SEC. 10. And be it enacted, That the president and
directors shall declare dividends of the profits of the
corporation semi-annually, or so much thereof as to
them shall appear advisable, and in case of any loss
or losses whereby the capital stock of the corporation
shall be diminished, no subsequent dividend shall be
made until a sum equal to such diminution, arising
from the profits of the corporation, or the contribu-
tions of the stockholders, shall have been added to
the capital.

Duties of pres-
ident and direc-
tors.

SEC. 11. And be it enacted, That the president and
directors shall have power and authority to appoint a
secretary, clerk, and such other officer or officers as
may be required for the transaction of the business
of the association, make such bye laws for its govern-
ment, and to do all other things necessary and proper
for a corporate association, and which are not contrary
to, or inconsistent with this act, the constitution and
laws of the State, or of the United States, and may,
from time to time alter or annul such bye-laws; pro-

Proviso.

vided, such changes are not inconsistent with this act,
the constitution and laws of the State, or of the
United States, and shall have power to hire or pur-
chase a suitable lot of ground, or building or build-
ings, for the purpose of transacting the affairs of the
company, and generally to conduct the entire busi-
ness thereof.

Annual state-
ment, &c.

SEC. 12. And be it enacted, That the president and
directors shall keep full, fair, and correct entries of
their transactions, which shall, at all times, be
open to the inspection of the stockholders, they shall
annually prepare a full and true statement of the funds,
property and securities of the association, shewing the
amount in real estate, in bonds and mortgages, in
notes and securities, in public debt and other stock,