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LAWS OF MARYLAND.

insurance upon the lives of individuals, and every
insurance appertaining thereto or connected there-
with, and to grant, purchase or dispose of annui-
ties, and to transact any business necessary for
the effectual prosecution of the business of life
insurance, not being contrary to the Constitution
and laws of this State or the United States.

Organize.

Sec. 3. And be it enacted, That the said E. G.
Kilbourn, I. M. Denson, William White, Joshua
Biggs, A. P. Gorman and M. Bannon are hereby
created Directors of said Washington Mutual Life
Insurance Company of Maryland until their suc-
cessors shall he elected, as hereinafter provided for,
and any five of them who may be present at their
first meeting shall proceed to organize the said
Company by electing a President and Secretary
thereof, and as soon as practicable thereafter, shall

Manage affairs

adopt a form of constitution and by-laws, provide
the necessary office and books, and otherwise pre-
pare the Company for the transaction of business,
and when so prepared shall exercise a general di-
rection and superintendence of the affairs of the
Company until the election of their successors.

Fix salaries.

Sec. 4. And be it enacted, That the Directors
above named, or any five of them who may have
organized the said Company as aforesaid, during
their term of office, and any other Board of Direc-
tors that may hereafter be elected as their succes-
sors, shall have power and authority to allow any
officer or officers in the employ of the Company
such salaries, lees or compensation as they may
deem proper, and all officers of the Company other
than Directors shall be appointed annually by such
Directors (being a quorum under the constitution
and by-laws) as shall be present at the first meet-
ing of the Board occurring after the animal elec-

Vacancy.

tion of Directors; and in case of any vacancy or
vacancies occurring in the Board of Directors at
any time, or from any cause whatever, such va-
cancy or vacancies shall be filled by the remainder
of the Board until the time of holding the next
annual election.

Public notice

Sec. 5. And be it enacted, That it shall be the
duty of the President and Secretary of said Com-
pany annually to give at least twenty days' notice,
by advertisement in two or more newspapers pub-