T. WATKINS LIGON, ESQUIRE, GOVERNOR.

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of Directors within thirty days after the aforesaid
amount of five thousand shares of stock shall be sub-
scribed for, and on the first Monday in January in
each and every year thereafter, and choose by ballot
from among the stockholders, twelve Directors to
serve for one year. Each stockholder shall be enti-
tled to one vote for every five shares of stock, not
exceeding fifty shares; one vote for every ten shares
exceeding fifty; but no person or body politic shall
have in any instance more than twenty votes. The
Directors so chosen shall serve until the first Monday
in January, eighteen hundred and fifty-seven, and
until others shall be chosen, and no longer. At their
first meeting after every election, they shall choose
by ballot a President, either from amongst their own
body, or from the other stockholders, and in case of
the death, resignation, or disqualification of a Direc-
tor, the stockholders shall proceed to elect another
to fill such vacancy, for the remainder of the year.

SEC. 10. And be it enacted, That the President
and Directors shall be, and they are hereby author-
ised to make all kinds of insurance against loss or
damage by fire, within the limits of the city of Bal-
timore only, and generally to transact and perform all
business relative to the objects aforesaid, and also to
invest the capital and funds of the company from
time to time in well secured stocks, and to dispose
of the money and property of the company in such
manner (not being contrary to law,) as to them shall
appear most advantageous to the company.

Authorised to
insure.

SEC. 11. 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
Joss or losses, whereby the capital stock of the
company shall be lessened, no subsequent divi-
dend shall be made until a sum equal to such dimi-
nution, and arising from the profits of the company,
shall have been added to the capital,

Dividends.

SEC. 12. And be it enacted, That every house
insured by this company that is destroyed by means
of fire from the first floor upward shall be deemed as
demolished, and it shall be lawful for the Directors
in such case to order the money insured thereon to
be paid within three months after the notice given of
the loss as aforesaid.

Property de-
stroyed.

SEC. 13. And be it enacted, That in case of a par-
tial destruction by fire, the loss shall be determined

Award.