and shall meet to transact the business of the
Company within three months after the passage of
this Act, and shall continue to be a Board of Di-
rectors for the term of one year from and after the
date of the first policy issued by this Company
and one month before the term of office of the first
Board of Directors expires, an election shall be
held for Directors, whereof it shall be the duty of
the Secretary to give twenty days public notice;
said election shall be held under the inspection of
three 'members to be chosen by the members who
may be present at the time and place of holding
such election, shall be by ballot and a majority of
the votes polled shall elect, and the Directors so
elected, shall continue in office for the term of one
year from and after the time of office of the first
Board of Directors shall have expired and so on
annually, an election for Directors shall be held
as is fully provided for in this section, each mem-
ber shall be allowed one vote and no more, and
any member may vote by written proxy.

Sec. 6. And be it enacted, That every person
who shall become a member of this Corporation by
effecting insurance therein, shall before he receives
his policy, deposit his promising note for such
sum of money as shall be determined by the Direc-
tors, a part not exceeding seven per cent. of said
note shall be immediately paid in, and the re-
mainder of said deposit note shall be payable in
part or the whole at any time when the Directors
shall deem the same requisite for the payment of
loss or damage by fire, and such incidental charges
as shall be necessary for transacting the business
of said Corporation, and at the expiration of the
term of insurance) the said note or such part of
the same as shall remain unpaid after deducting
all losses and expenses accruing during said term,
shall be relinquished and given up to the maker
thereof, and it shall be lawful for said Corpora-
tion to loan such portions of their money on hand
as may not be immediately wanted for the purpose
of said Corporation to be secured by mortgage or
judgment creating lien upon real estate of suffi-
cient value beyond other incumbrances to render
the same perfectly secure or upon other goods and
sufficient securities.

Note to be
deposited.