558

LAWS OF MARYLAND.

against any risk or risks on which it may make
insurance; and the corporation hereby created,
shall by the same name have succession, and shall
be able to sue, implead and be impleaded, in all
courts of law and equity, in this State or else-
where, and to make and have a common seal, and
the same to break, alter and renew at their
pleasure.

Directors to
have power
and authority.

SEC. 2. And be it enacted, That the persons
named in the foregoing section, are hereby consti-
tuted and appointed a board of directors of said
company, until the first election of directors as
hereinafter provided for shall take place, and that
it shall be the duty of said directors or a majority
of them, at their first meeting, to begin the organi-
zation of said company, by the appointment of a
President and Secretary, and that they shall have
power to establish their salaries, fill vacancies in
their own body, make by-laws, and possess all the
other powers conferred upon the directors by this
act.

Capital stock.

SEC. 3. And be it enacted, That the capital
of said company, shall consist of two hundred and
fifty thousand dollars, divided into five thousand
shares of fifty dollars each, with liberty to in-
crease the same to any sum not exceeding five
hundred thousand dollars, to wit: by further issue
of stock not exceeding in all two hundred and
fifty thousand dollars, in like shares of fifty dol-
lars each, and said stock shall be subscribed to and
paid, in such manner and at such times and un-
der such stipulations and conditions, as the board
of directors shall direct; the holders of certifi-
cates of said stock, shall receive an interest of six
per cent, yearly, on the amount thereof, which
shall be paid semi-annually, out of the profits of
said company, before any other distribution of its
funds, and said certificates shall be transferable
only on the books of the company, personally or
by attorney.

Powers, &c.,
vested in Board
of Directors

SEC. 4. And be it enacted, That all the corpo-
rate powers of said Company, shall be exercised
by a board of directors and such officers, clerks
and agents, as said directors from time to time
may appoint; they shall elect a President and
Secretary, who shall be ex-officio directors, and the
votes of at least two-thirds of the whole number