ODEN BOWIE, ESQUIRE, GOVERNOR. 477

under such regulations as the President and Direc- tors may establish, and in case of refusal or neglect to pay such notes or evidences of debt, either wholly or in part, whenever and as often as may be demanded by the President and Directors of the company, the said President and Directors may proceed to collect the same or any part thereof, in the same manner as in the foreclosure of a mort- gage on real estate, the said notes or evidences of debt to be held and deemed as a mortgage on such real estate.	Foreclose.
Sep.. 6. And be it enacted, That M. Bannon, E. G. Kilborn, Owen Cecil, Doctor E. J. Henkle, Doctor Thomas W. Hammond, James A. Bruce, William B. Dorsey, Hammond Dorsey, A. P. Gorman and John R. Brown are hereby created Directors of the said Mutual Fire Insurance Com- pany in Anne Arundel and Howard Counties until their successors shall be elected, as hereinafter provided for, and such of them as shall be present at the first meeting shall proceed to organize the company by electing a President and Secretary thereof, and as soon thereafter as practicable adopt a form of constitution and by-laws, to provide the necessary books and otherwise prepare the company	Directors.
for the transaction of business, and when so pre- pared to exercise a general superintendence of the affairs of the Company, and the Board of Directors above named and any other Board of Directors that may be hereafter elected, as hereafter provided for, shall have authority to allow any officer or	Transact business.
officers in the employ of the company such salaries, fees or compensation as they may deem proper, and all officers of the company other than Direc- tors shall be appointed annually by such Directors as shall be present at the first meeting of the Board after the annual election of Directors, and in case of any vacancy or vacancies occurring in the Board of Directors, at any time or times, from any cause whatever, such vacancies or vacancy shall be filled by the remainder of the Board until the time of holding the next annual election.	Officers and Compensation
Sec. 7. And be it enacted, That it shall be the duty of the President or Secretary of the said Com- pany, annually, to give notice of at least two weeks, by advertisement in some newspaper pub-	Notice of elec- tion of Direc- tors.