1849.

LAWS OF MARYLAND.

CHAP. 101.
Proviso.

securities, and generally to invest and dispose the
capital, money and property of the company, as they
shall deem most advantageous; provided, that this
company shall pay into the treasury of the State twen-
ty-five cents in the hundred dollars, on the nett a-
mount of profits.

Duties of pres-
ident.

SEC. 10. And be it enacted, That the president shall
attend daily at the company's office, and receive ap-
plications for insurance, and shall, whenever he may
deem it necessary, examine alone or jointly with the
directors, the property offered for insurance, he shall
cause all the property belonging to the company to be
safely kept, shall receive all monies paid into the of-
fice, and shall deposit the same in bank, to the credit
of the president and directors of the Ocean Mutual
Insurance Company of Baltimore, subject to be drawn
by check or checks signed by him, and countersigned
by two of the directors, he shall sign all the policies,
he shall, under the direction of the board, invest all
sums which can be invested, in such stocks and se-
curities as the board may order, and he shall exhibit
to the board, at each of its monthly meetings, a full
statement of the affairs of the company, and cause the
same to be recorded.

May make con-
tracts.

SEC. 11. And be it enacted, That the president shall
have power to make and execute contracts of insur-
ance in behalf of the company, and cause said com-
pany to he re-insured, when deemed expedient, against
any risk it may have insured; but the board may, by
a bye-law, restrict or regulate the authority of the
president in this respect; and a larger sum than twen-
ty thousand dollars, shall not be taken on any one
risk, except by the express direction of the board.

Certificates—
how signed.

SEC. 12. And be it enacted, That all notes or obli-
gations, or dividend certificates, shall be signed by
the president, and countersigned by two of the di-
rectors, and no promissory notes or obligation, except
contracts of insurance, shall be given without the
previous vote of the board of directors, and no sale or
transfer of stock or property shall be made, nor any
mortgage or bond discharged, except in pursuance of
a vote of the said board.

How proceed-
ings are to be
conducted.

SEC. 13. And be it enacted, That no director or oth-
er person shall be present, unless required, at any meet-
ing of the board when any business in which he is in
terested, shall be finally determined and passed upon.

Meetings, how
called.

SEC. 14. And be it enacted, That a special meet-
ing of this company shall be called by the president and
directors, upon the application in writing, of twenty