GEORGE HOWARD, ESQ, GOVERNOR. .

1831.

cured to be paid as aforesaid, the said company shall be
competent to transact all kinds of business for which it is
established.

CHAP. 160

Sec, 9. And be it enacted, That the subscribers to the
said stock, and their successors shall be a body corporate
and politic, by the name and style of the "Frederick Fire
Insurance Company," and by that name shall have perpetu-
al succession, and be capable in law to sue and be sued, plead
and be impleaded, answer and be answered, defend and be
defended, in all courts of law, equity and judicature, or
elsewhere, and to make and use a common seal, and the
same to alter and renew at pleasure, and generally, to do
and perform all things relative to the objects of the institu-
tion which now are or may be lawful for any individual or
body corporate or politic or otherwise to do.

Corporate powers
granted.

Sec. 10 And be it enacted, That as soon as three [ ]
shares shall have been subscribed for, the commissioners
herein before named, shall call a meeting of the subscribers
by public notice, in one or more of the newspapers printed
in Frederick, and the subscribers who shall assemble, in
pursuance of such notice, or appear by proxy, shall choose
from among the stockholders, by ballot and a plurality of
votes, twelve directors, who shall continue in office for one
year from the day on which said election shall take place,
on which day in every succeeding year, (or if it shall tall
on Sunday, on the following day,) an election shall, in like

Election of Direc-
tors.

manner be held, for twelve directors to continue in office
for one year, from the time of their election, or till others

Annual election.

shall be chosen in their stead, and the said directors at their
first meeting, shall choose from amongst the stockholders
a president, and allow him such a compensation ae they
may see fit; and, in case of the death, resignation or other

Election of Presi-
dent.

disqualification of the president, or any of the directors,
the board may elect others in tlieir place.

Vacancies.

Sec. 11. And be it enacted, That in choosing directors,
the stockholders shall be entitled to vote as follows; for
every share not exceeding five, one vote each; for every
two shares above five and not exceeding ten, one vote; for
every four shares above ten and not exceeding fifteen, one
vote; for every six shares above fifteen and not exceeding
twenty, one vote; for every eight shares above twenty, and
not exceeding twenty five, one vote; and so on, but no bol-
der of any number of shares shall be entitled to more than
twenty votes.

Votes regulated.

Sec, 12. And be it enacted, That .the affairs of this in-
stitution shall be managed by a president and twelve direc-
tors, to be elected as is hereinbefore provided, who pre-

Management.