230

LAWS OF MARYLAND.

be given in two or more of the daily newspapers
published in the city of Baltimore.

President am
Directors au-
thorised to
make insur-
ance.

SEC. 8. And be it enacted, That the President
and Directors shall be and they are hereby au-
thorised, to make all kinds of Insurance against
fire, also to make re-insurance upon all or any of
the risks taken by them, 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 the United
States, State of Maryland or other well secured
stocks; and to dispose of the money or property of
the company in such manner, (not contrary to law)
as to them shall appear most advantageous to the
company.

May pass by-
laws.

SEC. 9. And be it enacted, That the President
and Directors shall make such by-laws, rules and
regulations not inconsistent with this act or the
Constitution and Laws of the State, as may be
deemed necessary for the government of its officers
and the conduct of its affairs.

Authorised to
declare divi-
dends.

SEC. 10. And be it enacted, That the Presi-
dent and Directors may declare dividends of the
profits of the company semi-annually or so much
thereof as shall seem to them advisable.

Power to ap-
point Secreta-
ry and other
officers.

SEC. 11. And be it enacted, That the President
and Directors shall have power and authority to
appoint a Secretary and such other clerks and of-
ficers under them as shall be necessary for trans-
acting the business of the company, and may al-
low such salary as they shall judge reasonable;
shall provide for compensating the President of
the Company; shall provide for the appointment
of a President pro tem, who shall exercise the au-
thority of the President for the time being.

To keep full
and correct en-
tries.

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
affairs of the company, which statement shall be
certified by the President and Secretary.

Authorised to
procure suita-
ble building.

SEC. 13. And be it enacted, That the President
and Directors shall have power to hire or purchase
a suitable building or buildings within the limits
of the city of Baltimore for the purpose of trans-
acting the business of the company.