972

LAWS OF MARYLAND.

lease, mortgage, hold and dispose of property, real, personal
or mixed; to borrow or loan money on mortgage; to make
advances upon buildings and lands; to loan on collateral or
private securities, and to do all other acts that may be pro-
motive of the interests of said body corporate in so far as the
same shall not be in conflict with the laws of the United
States or the State of Maryland, and the said body corporate
shall have power to make and use a common seal;; the same
to change, alter and renew at pleasure; to sue and be sued;
to plead and be impleaded; to answer and be answered in
any court of law or equity or elsewhere; to make all deeds, trans-
fers, contracts, conveyances and grant whatsoever, and gen-
erally to possess and exercise all and singular powers inci-
dent to bodies politic and corporate engaged in the fire-insur-
ance business.

Directors
named for first
year.

SEC. 2. And be it enacted, That the affairs of the company
shall be managed by a board of directors, composed of not
less than seven or more than fifteen, and that James Wallace,
George W. Woolford, William F. Applegarth, John R. Tub-
man, John G. Mills, Phillips L. Goldsborough and Daniel H.
LeCompte; the above mentioned incorporators shall consti-
tute the board of directors of the said company for the first
year, or until their successors are elected and duly qualified,
and that James Wallace shall be president, and John G. Mills,
secretary, of the said company for the first year; and in case
of the failure or refusal of any of the above-mentioned direc-
tors or officers to serve, as such directors or officers of said
company, then the vacancy may be filled by the remaining
directors, and others added, if deemed advisable. After the

Annual
elections.

first year, the directors shall be elected by the shareholders
comprising this company in person or by proxy on the first
Tuesday in May, in the year 1900, and in each and every
year thereafter from among said shareholders by ballot, man-
age the affairs of said company from one year thereafter, or
until an election shall take place and their successors shall
be duly qualified. If no election take place on the day
named, then the same may take place at any time thereafter;
the directors shall qualify at the next weekly meeting of the
company succeeding their election, and five of them shall
constitute a quorum, and be empowered to transact the busi-
ness of the corporation.

Power to elect
a president,
secretary
and other
officers.

SEC. 3. And be it enacted, That the directors, or a majority,
shall have power to elect from their own body a president,
vice-president and secretary, to fill all vacancies that may
occur in their offices and in their own body, to appoint all