542

LAWS OF MARYLAND.

Fiscal year.

Sec. 2. And be it enacted. That the fiscal year
of this Company shall commence on the first day
of January and terminate on the thirty-first day
of December in each year.

Capital stock.

Sec, 3. And be it enacted. That the capital stock
of said Company shall be two hutfdred and fifty
thousand dollars, to be divided into two thousand
five hundred shares, of one hundred dollars each,
which shall be personal property, transferrable on
the books of the Company, in conformity with its
by-laws ; provided, however, that it shall be law-
ful for said Company to effect its organization and
transact all kinds of business for which it is estab-
lished as soon as five hundred shares are subscribed
and paid for in cash.

Board of
Directors.

Sec. 4. And be it enacted, That the stock, prop-
erty, business and concerns of the said Company
shall be under the control of a board of not less
than five nor more than thirteen directors, to be
elected by the stockholders thereof. When the
amount of capital stock required by this charter
shall have been subscribed, the stockholders shall
immediately thereafter proceed to organize, and
shall elect a Board of Directors, to serve until the
next annual election, or until their successors shall
have been elected and organized. The annual elec-
tion of Directors shall be held on the second Mon-
day in January in each year, at the office of the
Company, in Baltimore City, and at such hour as
the Board of Directors for the time being shall
appoint, of which public notice shall be given in
one or more of the newspapers published in said
Baltimore City at least ten days previous to such
election.

President
and Vice Pres-
ident.

Sec. 5. And be it enacted, That it shall be the
duty of the Directors, as soon as may be after each
election, to choose one of their number President ;
they may also choose a Vice-President. The first
Board of Directors shall appoint a President from
among their own body, before the Company shall
commence the business of insurance, who shall
hold office until a successor is appointed, and they
shall at the same time fix his compensation.
The election for President shall be annually
thereafter, immediately after the election of Direc-
tors ; such election shall be by ballot ; every share-