1835.

LAWS OF MARYLAND.

CHAP. 285.

Jones, junior, Nathaniel F. "Williams, William C.

Shaw, James Frazier, Benjamin I. Cohen, Robert A.

Taylor, Thomas WM ridge, William G. Harrison,

James J. Corner, John H. Hodges, George H. New-

man. Albert Schumaker and William Hooper, he and

they are hereby constituted and appointed Directors of

said company with all the usual power of Directors,

for one year from the organization of said company,

which organization shall take place as soon as one

hundred thousand dollars shall have been subscribed,

and the said directors, or a majority of them shall, as

soon as convenient, meet and choose from the stock-

President

holders a President, who shall be ex-officio a Director

of said company, and after the expiration of said term

Qualification

the affairs of said company shall be transacted by

thirteen Directors, residents of the city of Baltimore,

and being at the time bona fide owners, each of at least

By ballot

ten shares of the stock of said company, and not being

Directors of any other marine insurance company, who

shall be chosen by ballot on the last Wednesday pro-

ceeding the expiration of the said first named year, by

plurality of votes of the stockholders present in per-

son or by proxy, each stockholder having as many

votes as he may hold shares, and so continually from

Serve one year

year to year thereafter, and the Directors so chosen

shall serve for one year next ensuing their election re-

spectively, and until others shall be chosen and no

longer, and at their first meeting after each election

the Directors shall choose a President, being a stock-

holder and a resident of said city, and should it at any

Day of choice

time happen that an election of Directors should not

be made upon the day, when pursuant to this act it

ought to have been made, the said corporation shall

not for that cause be deemed to be dissolved, but it

shall be lawful upon any other day, within ten days

thereafter, to make an election of Directors in such

Vacancy

manner as is hereinbefore directed, and in case of the

death, resignation or disqualification of the President

or of a Director, the place so becoming vacant may

for the remainder of the year be filled up by the board

of Directors for the time being, and in case of sickness

or necessary absence of the President his place may be