870

LAWS OF MARYLAND.

Hold over.

of this State, and otherwise eligible under this
Act; but in case such election should from any
cause not he held on the designated day, the Com-
pany shall not in consequence thereof be dissolved,
but such election may be held at such subsequent
time as may be selected by the Board of Directors
or a majority of them, and at such elections each
member shall have one vote for every thousand
dollars of the life policy or policies held by him
from said Company, and may vote either in person
or by proxy, as prescribed in the by-laws.

Keep book
containing
copy of this
act.

Sec. 6. And be it enacted, That it shall be the
duty of the Secretary to keep a book containing a
copy of this Act, and of such constitution and by-
laws of the said Company as may be established,
and a copy of said constitution and by-laws shall
be written or printed upon every application for
insurance in said Company; and every person who
may wish to become a member of the said Com-
pany shall be required to express in writing his or
her assent thereto, which expression of assent, and
the payment of such fees, charges and premiums
as may be prescribed by said constitution and by-
laws, and the granting of a policy of life assurance
during the natural life of the said person, for a
sum of or over one thousand dollars, shall consti-
tute him or her a member of said Company so long
as he or she shall comply with all the provisions
of this Act and of the said constitution and by-
laws.

Powers vested
in Board of
Directors.

Sec. 7. And be it enacted, That the corporate
powers of the said Company shall be vested in and
exercised by the said Board of Directors, and by
such officers and agents as may be appointed in
pursuance of this Act, and the said Constitution
and by-laws, and no person shall be eligible as a
Director of said Company unless he shall own and
hold a policy or policies of the said Company for
the whole term of life, paying a premium to the
said Company, of at least one hundred dollars per
annum, or an endowment policy or policies paying
a like premium, or shall be entitled to an annuity
of not less than one hundred dollars per annum.

Quorum.

Sec. 8. And be it enacted, That five Directors
shall constitute a quorum for the transaction of
business, but a less number may adjourn from time
to time until a quorum is present.