616

LAWS OF MARYLAND.

Member.

Sec. 7. And be it enacted, That every person
whose life shall be insured in this company for the
benefit of his or her family, or who shall procure
a policy of insurance on his or her own life, or on
the life of another, for his or her own use or ben-
efit, according to the provisions of this Act, shall
be deemed a member thereof, during the period of
such insurance, and until the said policy shall be
paid, canceled or surrendered, according to the
terms of this Act and the by-laws of the company,

Proxy vote.

and no longer; any member may vote by proxy,
it the same be given directly to the persons pro-
ducing it at any meeting; provided, nevertheless,
that no member shall vote at the annual meet-
ing of the company by virtue of any policy
issued for a less period than the term of life.

Annual meet-
ing.

Sec. 8. And be it enacted, That the annual meet-
ing of the company shall be held on the first Mon-
day in April, eighteen hundred and seventy-one,
and on the same day of each and every year there-
after, at which the Board of Directors shall be

Publish notice

chosen by ballot, public notice having been given
in two newspapers published in the city of Balti-
more, at least two weeks prior to said meeting;

and in case of a failure to elect Directors at any
meeting, the same may be adjourned from time to
time until such election shall he effected or com-
pleted; at their first meeting, after the election
has been completed, they shall choose by ballot a

President.

President and Vice President, either from among
their own body or from among the other members
of the company; and in case of the death, resigna-
tion or disqualification of the President or Vice

Directors.

President, or a Director, the Directors shall pro-
ceed to elect another to fill such vacancy for the
remainder of the year.

Officers.

Sec. 9. And be it enacted, That the President
and Directors shall have power to choose a Secre-
tary and Clerk, and such other officers and agents
as they may deem necessary for the prosecution of
the business of the Company, either from the mem-
bers of the Board or the Company; they shall

Compensation

prescribe term of office, the compensation and du-
ties of said officers and agents, and they shall take
such security from them as they may think proper
for the faithful discharge of their respective duties.