84

LAWS OF MARYLAND.

notice of which election shall be given for one,
week in one or more of the newspapers published
in the city of Baltimore; and the directors at
their first meeting after such election shall choose
one of their number as president, but in case it
should happen at any time that an election of
directors should not be made on the day appoint-
ed in the by-laws, the company in that case shall
not be dissolved; but it shall and may be lawful
for the directors to appoint another day for hold-
ing said election; and all vacancies in said board
caused by death, resignation or removal from
office, may be filled by the remaining members
of said board of directors. The first election of
directors shall be held at such time as shall be
appointed by the corporators named in this act,
or a majority of them, they giving notice thereof
for one week in one or more of the papers pub-
lished in the city of Baltimore; and the directors
go chosen shall hold their office for one year, or
until others are chosen, said election to be by
ballot, and each share of stock shall entitle the
holder to one vote.

Power to ap-
point officers
and agents.

SEC. 5. And be it enacted, That the President
and Directors for the time being, shall have pow-
er to appoint such officers, clerks and agents, as
shall be deemed necessary for conducting the
business of said Company, to fix their compensa-
tion, to take bonds from all or any of them, with
security, conditioned for the faithful execution of
their several duties, to make such covenants, con-
tracts and agreements as they may deem proper
to ordain, establish and put in operation such
regulations and by-laws, as may appear necessary
for the management of said Company.

Authorised to
make insur-
ance.

SEC. 6. And be it enacted, That the said Com-
pany shall have full power and authority to make
insurance against loss or damage by fire, by per-
petual policies, or otherwise, on every species of
property, buildings, goods, wares and merchan-
dise, on such terms and rates of premium as may
be agreed upon, to insure and guarantee against
loss on marine export, or other risks of whatso-
ever kind or nature, and every contract, agree-
ment, policy or other instrument, shall be signed
by the President and Secretary, or such other offi-
cer or officers as the Directors may appoint.