582

LAWS OF MARYLAND.

the insured building without any other act or ceremony in

law whatsoever; and said lien shall continue until the said cash

annual cost and all assessments, and the policy's proportion

of all losses accruing during its life, together with cost of col-

lecting the same, shall be paid or otherwise satisfied or re-

leased by the company, notwithstanding any transfer or aliena-

tion thereof ; provided, nevertheless, that nothing herein con-

tained shall restrict the company from receiving any other

security in lieu of said lien ; and provided, also, that in all

To be ex-
pressed in

cases where the company relics upon the security of the

policy.

lien aforesaid, it shall be so expressed in the policy.

9. The affairs of the company shall be managed by a presi-

Management.

dent and board of eighteen directors, who shall be elected

by the members from among their own number, at the annual

meeting on the first Monday in January of each year ; and

ten of said directors shall be residents of Harford County

and eight shall be residents of Baltimore County ; but the mem-

bers shall have the right at any time to reduce the number of

directors to any number not less than five, of whom a ma-

jority shall be residents of Harford County: any vacancy

occurring in the board of directors shall be filled by the re-

maining directors until the next annual meeting; and if at

any time the office of president shall become vacant, a special

meeting of the members shall be called to elect his succes-

sor upon the same notice that is required for other special

meetings.

Annual meet-

10. The annual meeting of the members for the election of

ing for elec-

the president and board of directors shall be held on the

tion of offi-
cers.

first Monday of January of each year ; and there shall also

be held a regular annual meeting of the members on the

second Monday of December in each year, and at the December

annual meeting the president and board of directors shall

make a full and detailed report of the business and financial

condition of the company, which report shall be referred to

a committee of three members, not officers nor directors, to

be appointed by the meeting; this committee shall be em-

powered to employ insurance experts and accountants for the

purpose of examining the report of the president and directors

and the affairs of the company generally, and said committee

shall meet forthwith, and they and their experts shall have

full access to all the books, papers and accounts of the com-

pany for the purpose of a full investigation ; they shall make

their report in writing, together with their recommendations

to the ensuing January members' meeting ; and no election of