1849.

LAWS OF MARYLAND.

CHAP. 222.
Proviso.

timore, for ten days next previous to the holding of said
meeting; provided nevertheless, that no failure to elect,
or hold an election on the said day, shall work a for-
feiture of the charter of this company, or in any manner
affect its legal rights, provided due notice be given, and
the election held within sixty days thereafter, which
shall relate back, as of the day when it should have
been held, all voting, either by the members or by the
directors, for officers, shall he by ballot.

Quorum.

SEC. 13. Be it enacted, That it shall be the duty of
the president and directors to superintend the concerns
of me company in all things not otherwise provided for,
and to cause a proper office to be kept for the transac-
tion of business, they shall hold meetings at least once
a month, or oftener, as may be provided for in the bye-
laws, the president and two directors shall constitute a
quorum, or in the absence of the president, three direc-
tors shall constitute a quorum, they shall, at the end of
the year, examine the affairs of the company and fix
the amount for which scrip or certificates for profits be
issued, or dividend declared on the stock.

Duty of pres-
dent.

SEC. 14. Be it enacted, That the president shall at-
tend daily at the office of the company for the proper
transaction of its business, that he shall have power to
make and execute contracts of insurance in behalf of
the company, to an amount not exceeding twenty
thousand dollars on any one risk or loss, as may be
limited by the bye-laws of the company, he shall sign
all obligations and policies of the company, and check
to draw money, subject to such regulations and restric-
tions as may be adopted by the board of directors, he
shall keep a record of all policies issued by the compa-
ny, which shall be open to the inspection of all persons
interested therein.

Notes, &c.—
how signed.

SEC. 15. Be it enacted, That all notes, or obliga-
tions, or dividend certificates, shall be signed by the
president, and countersigned by two directors, and no
promissory note or obligation, except contracts of in-
surance, shall be given without the previous vote of
the board of directors, and no sale of any property, or
discharge of any obligation due to the company shall
be made, except by a vote of the board.

Dividends, &c.

SEC. 16. Be it enacted, That on any joint stock
which the said company may issue, in accordance
with the provisions of this act, the directors shall, an-
nually, declare such dividend, not exceeding six per
cent per annum, as the nett earnings of the company
will warrant, and in case of a deficiency in any one
year, the same shall be made good as soon thereafter