1846.

LAWS OF MARYLAND.

CHAP. 352.

ary, eighteen hundred and forty-eight, and until others
shall be chosen, and no longer; at the first meeting alter
every eleetion, they shall choose by ballot a president,
either from among their own body, or from amongst the
other stockholders; and in rase of death or disqualifica-
tion of the president, the directors shall fill up the va-
cancy by ballot; the said directors shall produce, before
they enter upon the duties assigned them, a certiticate
signed by the president of the department, or the respec-
tive fire companies of the appointment of such person as
director.

Vacancy to be
filled by de-
partment or
the company.

SEC. 15. And be it enacted, That in case of the death,
resignation or disqualification of a director, the place of
such director for the remainder of the year shall be tilled
by the department, or the company from which such di-
rector was delegated.

President and
directors au-
thorised to ef-

fect insurance.

SEC. 16. And be it enacted, That the president and di-
rectors shall be, and they are hereby authorised to make
all kinds of insurance against fire within the limits of the
city of Baltimore only; and generally to transact and
perform all business relative to the object aforesaid, and
also to invest the capital or funds of the association, from
time to time, in the public funds of the United States, or
in any other stock, and to dispose of the money or pro-
perty of the association, in such manner, not contrary to
law, as to them shall appear most advantageous to the
association.

Declare divi-

dends.

SEC. 17. 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, not exceeding twelve and a half
per centum, the remainder of the profits shall be retained,
as a reserved fund, until said fund shall amount to fifty
thousand dollars; and in case of any loss or losses where-
by the capital stock of the association shall be lessened,
no subsequent dividend shall be made, until a sum equal
to such diminution, and arising from the profits of the as-
sociation, shall have been added to the capital.

Reserve fund.

Proviso.

SEC. 18. And be it enacted, That so soon as there
shall have been created a reserved fund of fifty thousand
dollars, the surplus profits over and above the twelve and
a half per centum hereby authorised to be declared, shall
be semi-annually equally divided between the fire com-
panies, members of the Baltimore United Fire Depart-
ment; provided, that in case of a Inss or losses, where-
by the said reserved fund is diminished, no dividend shall
be made to the fire companies, until the same shall have