1634 LAWS OF MARYLAND. [Ch. 841]

SEC. 3. The officers of the company shall be a president,
vice-president, secretary and treasurer, who shall be elected
annually at the first meeting of the board of directors after
the annual election, and whose duties, obligations and responsi-
bilities shall be such as may be defined in the by-laws of the
company.

SEC. 4. The annual meeting of the members of the company
for the election of the directors shall be held on the first Mon-
day in May of each year at such hours as the board of direc-
tors may determine, and a majority of the votes cast at such
annual meeting shall be necessary to elect.

SEC. 5. It shall be the duty of the president or secretary
to give at least two weeks' notice, by advertisement, in one or
more newspapers published in Frederick county and such other
counties in the State in which the company shall have property
insured, of the annual meeting of the company; and if for any
reason a members' meeting shall not be held at the appointed
time, it shall be held at such early subsequent date as may be
fixed by the board of directors after similar notice. Special
meetings of the members may be called at any time by the
board of directors, and upon the request of twelve or more of
the members the president must forthwith call a special meet-
ing of the company.

SEC. 6. The company shall have power and authority to
reinsure any or all of the risks at any time insured or covered
by it in any other fire insurance company, foreign or domestic,
mutual or stock, to reinsure for any other fire insurance com-
pany any or all risks covered by it; to borrow money as its
needs may require and to purchase, hold and dispose of real
estate.

SEC. 7. When application shall be made for insurance in
said company it shall be lawful for the company to ascertain
and determine the full mutual premium upon which such
insurance shall be granted and the policy issued, the same to
be computed according to the hazard of the risk as set out
in the company's table of rates, and upon which amount of full
mutual premium, so ascertained, the insured shall pay in
advance to said company the cash premium for maintaining
such insurance, and which shall be a certain percentage of the
fall mutual premium to be determined each year by the board
of directors, and shall be the same for all policies in force.

SEC. 8. All applications for insurance in the company shall
be made in writing and signed by the party applying for same,
and when such application has been made the amount of full