896

LAWS OF MARYLAND.

directors may increase that number from time to time as they
may deem advisable" but at no time shall the number exceed
twelve.

Annual
meeting for
election of
directors, etc.

SEC. 7 And be it further enacted, That the annual meeting
shall be held at the company's principal office in the City of
Baltimore on the last Tuesday in February of each and every
year for the transaction of such business as may properly be
brought before them, and for the election of five, but not more
than twelve, directors of the company; but in case such election
should from any cause not be held on that same day, the
company shall not in consequence thereof be dissolved; but

How election
held

such election may be held at such subsequent time as may be
selected by the board of directors, or a majority of them. At
such election each member shall have one vote either in person
or by proxy, and such members as may be in attendance shall
constitute a quorum. Every voting proxy must comply with
such rules and regulations as the by-laws may from time to
time prescribe. All elections shall be conducted by three
judges chosen by the board of directors; the judges shall cer-
tify under their hands and seals the results of said elections,
to be filed with the secretary.

Shall make
by-laws with
power to alter,
etc.

SEC. 8. And be it further enacted, That such board of
directors shall make such by-laws not inconsistent with this
charter or the laws of the State of Maryland, as they may
deem necessary to conduct the affairs of the company, and
shall have power to alter and amend the same, and the said
by-laws and every amendment thereof shall be binding upon
all members of said company. In case of a vacancy occurring
in the board of directors the same shall be filled by election
of the board to serve for the unexpired term.

Power to
borrow money
and issue
bonds.

SEC. 9. And be it further enacted, That the board of
directors or a majority of them shall have power to borrow
money on the credit of the company by issuing a series of
bonds or otherwise, as they may deem to the best interest of
the corporation ; they shall have full power to make provision
for the payment of said bonds or loans and the interest accruing
on the same.

Power to
regulate Insur-
ance, etc.

SEC. 10. And be it further enacted, That the board of
directors shall have power to regulate the time, duration and
conditions of all its policies and rates of insurance, and to
provide for the payment of losses and expenses incurred by
said company.