554

LAWS OF MARYLAND.

Repealed and
re-enacted.

eighteen, of an act entitled an act to incorporate the
Merchants Mutual Insurance Company of Baltimore,

be and the same are hereby repealed, and severally

re-enacted to read as follows :

7. For the well ordering of the affairs of said cor-

Management.

poration, there shall be twenty-five Directors, who

shall be stockholders of said corporation, and resi-

dents of the State of Maryland.

8. The said twenty-five Directors shall be chosen

by ballot, annually, on the second Monday in April,

Choose direc-

for the term of one year, or until their successors

tors.

shall be elected; due notice of said election having

been given by advertisement in two daily papers

published in Baltimore, one week previous thereto.

At their first meeting after each election, they shall

choose a President; and should it at any time hap-

pen that an election of Directors shall not be made

on the day when pursuant to this act it ought to have

been made, the corporation shall not for that cause

be deemed to be dissolved; but it shall be lawful

upon any other day within twenty days thereafter to

make an election of Directors, in such manner as is

hereinbefore directed; the Board of Directors shall

have power to fill any vacancies occurring in their

own body during the period for which they are

elected.

11. It shall be the duty of the Directors to make

by-laws for the proper regulation of the affairs of the

corporation, one of which shall declare what number

Duty of the
directors

of Directors, though loss than a majority of the

whole, shall constitute a quorum for the transaction

of business; they shall hold meetings from time to

time at their discretion, or when notified thereto by

order of the President ; they shall, from time to .

time, but not less than once in each six months,

make examination of the state of the company's

affairs, and an inspection of the accounts and funds

of the company.

18. No member of the corporation shall be liable

for any. losses or expenses of the company, beyond

Liability.

the premiums paid or the shares of the stock held by

him : and that for any debt due to the company by

any holder of the stock of the company, the com-