Sec. 3. And be it enacted, That should any
forfeiture occur it may be remitted by a majority
of the whole Board of Directors present at a meet-
ing at which the motion for such remission shall
be made upon the payment by the person incurring
the forfeiture of the principal of said instalment and
interest thereon up to the time of such payment, as
also of his proportion of such loss as may have
occurred previous to such forfeiture.

Forfeiture.

Sec. 4. And be it enacted. That as soon as three
thousand shares are subscribed and paid, or secured
to be paid, this company shall be competent to
transact all kinds of business for which it is es-
tablished.

When to go
in operation.

Sec. 5. And be it enacted, That after the subscrip-
tion of three thousand shares, as provided for in
the foregoing fourth section, the said S. J. Smith,
John W. Pitts, William B. Larmour, J. Frank
Brown, Thomas J. Fairbank, Henry Duvall,
William J. Davison, William B. Bolton, Robert
D. Morrison and George M. Ehrman, are hereby
created Directors of the said Franklin Fire In-
surance Company of Baltimore City until the first
Monday in May, eighteen hundred and sixty-seven,
(1867) and until their successors shall be elected
as hereinafter provided, and such of them as shall
be present at the first meeting shall proceed to or-
ganize the company by electing a President and
Secretary thereof.

Directors.

Sec. 6. And be it enacted, That the stockholders
composing this company or their representatives
by proxy, shall, on the first Monday in May,
eighteen hundred and sixty-seven (1867), and in
each and every year thereafter, choose by ballot
from among the Stockholders twelve Directors to
serve for one year, the Directors so chosen shall
shall serve until the first Monday in May, eighteen
hundred and sixty-eight (1868) next succeeding
their election, and until others are chosen; at
their first meeting after every annual election they
shall choose by ballot a President, either from
amongst their own body or from among the other
stockholders; and in case of the death, resignation or
disqualification of the President or a Director, the
Directors shall proceed to elect another to fill such
vacancy for the remainder of the year.

Annual elec
tions.