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LAWS OF MARYLAND.

they be not contrary to this act, to the laws of this
State, or the laws and constitution of the United States.

Surplus funds.

SEC. 10. And be it enacted, That the president and
and directors shall have full power and authority to in-
vest the capital and surplus funds of the company from
time to time in public funds, bank stocks and other se-
curities, and generally to invest and dispose the capital,
money and property of the company as they shall deem

Proviso.

most advantageous; Provided, that this company shall
pay into the treasury of the State twenty-five cents in
the hundred dollars on their nett amount of profits.

President to
attend daily at
office, &c.

SEC. 11. And be it enacted, That the president
shall attend daily at the company's office and receive
applications 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 office,
and shall deposite the same in bank to the credit of
the president and directors of the Neptune Mutual In-
surance Company of Baltimore, subject to be drawn
by check or checks signed by him, and countersigned

by the secretary; 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 securities 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 he re-
corded, and in the absence of the president, the vice-
president shall have all the powers, and perform all the
duties of the president.

Power to exe-
cute con-

tracts, &c

SEC. 12. And be it enacted, That the president
shall have power to make and execute contracts of in-
surance in behalf of the company, and cause said com-
pany to be re-insured, when deemed expedient, against
any risk it may have insured, but the board may, by a
by-law, restrict the authority of the president in this re-
spect; and a larger sum than twenty thousand dollars
shall not be taken on any one risk, except by the ex-
press direction of the board.

All notes, &c.
to be signed
by the pre-
sident.

SEC. 13. And be it enacted, That all notes, or obli-
gations, or dividend certificates shall be signed by the
president or vice-president, and countersigned by the
secretary, and no promissory notes or obligations, ex-
cept contracts of insurance shall be given without the
previous vote of the board of directors, and no sale or