THOMAS H. HICKS, ESQUIRE, GOVERNOR.

575

SEC. 3. And be it enacted, That the business,
property and affairs of the said company shall
be managed and conducted by such directors, not
less than seven nor more than fifteen in number,
as may be elected for that purpose, a majority of
whom shall form a quorum, which directors shall
hold their office for one year, and until their suc-
cessors shall be chosen, at the office of the com-
pany; public notice of which shall be given for
one week, in one or more of the papers published
in the city of Baltimore, and each share of stock
shall entitle its owner to one vote at each election,
to be given either in person or by proxy.

Management.

SEC. 4. And be it enacted, That the board of
directors shall have power to appoint a president,
vice president, treasurer and secretary, and such
other officers and agents as they may deem ne-
cessary for carrying on the business of the com-
pany, and to allow them such compensation for
their services, as may in their judgment be deem-

ed reasonable.

Directors au-
thorised to ap-
point officers.

SEC. 5. And be it enacted, That Dr. W. W.
Watkins, Elias Ware, Jr., John Jamison, J.
Malcolm and A. Howard Clark, are hereby ap-
pointed commissioners to receive subscriptions to
the capital stock of said company, and that as
soon as one thousand shares are subscribed, the
said commissioners, or a majority of them, shall
by public notice, published in one or more of the
papers printed in the city of Baltimore, for one
week, call a meeting of the stockholders for the
purpose of choosing the first board of directors.

Commissioners
authorised to
receive sub-
scriptions.

SEC. 6. And be it enacted, That it shall and may
be lawful for the company to insure houses and
other buildings and property against loss or
damage by fire, upon such terms and conditions
as shall be contained in the policy of insurance,
and may also insure ships and other vessels,
rights, interests and property against every des-
cription of casualty incident to marine and in-

land transportation.

Authorised to
make insur-
ance.

SEC. 7. And be it enacted, That all policies or
contracts founded thereon, which shall be made
and entered into by said company, may be made
under or without the seal thereof, and shall be
subscribed by the president or vice president, or
by such other officer as may be designated for

Policies.