thereof, from time to time, shall be entrusted with
and committed to twenty-five of the members, who
shall be called the Board of Directors of the Mu-
tual Life Insurance Company of Allegany County,
and the said Board of Directors shall have full
power and authority to act and proceed therein as
hereinafter is more particularly provided and ex-
pressed, and in case of death, resignation, or dis-
qualification by ceasing to be a member, or refusal
to act of any Director, it shall be in the power of
said Board to fill the vacancy occasioned thereby.

Election of
Directors.

Sec. 5. And be it enacted. That at the general
meeting in January annually, twenty-five mem-
bers of the company shall be chosen by ballot to
be Directors for the year ensuing, the election to
begin on the first day of the meeting, and be con-
tinued by adjournment if necessary, and when the
election is finished the general meeting may pro-
ceed to other business, and not before, which Di-
rectors shall, within ten days thereafter, choose a
President from their own body, and thirteen Di-
rectors shall constitute a quorum, and for the bet-
ter forming of said company, twenty-five Directors
shall be chosen by the fifty persons first insuring,
and the company shall not be established nor go
into operation until at least fifty persons have be-
come members of the same by effecting insurance
upon their lives, and the said persons so elected
shall be the Board of Directors of the company
until the first Monday in January, eighteen hun-
dred and sixty-seven, and until others are duly
elected and qualified.

Directors to
make report.

Sec. 6. And be it enacted. That it shall be the
duty of the Board of Directors at the annual
meetings of the members on the first Monday in
January, to make a full and complete report of
the affairs of the company to the members, and
the said Board shall keep full, fair and correct en-
tries of their proceedings, which shall at all times
be open to the inspection of the members.

No dividend.

Sec. 7. And be it enacted, That no dividend of
profits shall be made to any member whose pay-
ment to the company, when added to the propor-
tion of profits which they may have earned shall
not amount to fifty per cent. of the policy upon