200

LAWS OF MARYLAND.

the Firemen's Insurance Company, of Baltimore," and the

several supplements thereto, be and the same is hereby

repealed and re-enacted so as to read as follows, viz :

13. The affairs of the company shall be managed by a

Directors.

board of directors, who shall be elected annually at the

office of the company, on the fourth Monday of January,

between the hours of twelve uoon and one p. m., and who,

previous to entering upon the duties of their office shall take

the following oath or affirmation, viz :

"I, A. B., do swear (or affirm, as the case may be) that I

Oath

will faithfully, diligently, impartially and honestly fulfill the

duties of my office of director to the best of my knowledge

and ability."

The said board shall be composed of twenty shareholders,

and in their election each shareholder shall be entitled to one

vote, either in person or by proxy, for each share of the capi-

tal stock held by him. In the event of the death or resig-

nation of any of said directors, during the term for which

they are so chosen, the vacancy thus occurring shall not be

filled, at the succeeding annual election, but the number of

directors shall be reduced in this manner from time to time,

until they shall not exceed fifteen, which number shall

thenceforth constitute a board of directors to manage the

affairs of the company for one year or until their successors

h'ave been elected and qualified, and then all vacancies in

said board of directors, from whatever cause arising, shall

be filled until the next anunal election by the remaining

President.

dirctors. The directors shall, at their first meeting after

their election , choose by ballot, a president, either from

their own body or from the other stockholders, who, previous

to entering upon the duties of his office, shall take the oath

or affirmation similar in form to that prescribed for the

directors. In the event of the death, resignation or dis-

qualification of the president, the directors shall proceed

to elect his successor in the same manner.

SEC. G. And be it further enacted, That the following

New

section be and it is liereby added to the act of eighteen

section

hundred and twenty-five, chapter fifty-five, entitled " an

act to incorporate the president and directors of the Fire-

men's Insurance Company of Baltimore."

27. The board of directors of the Firemen's Insurance

Company of Baltimore, or a majority of them, when met as

Powers of
Board of

a board, with or without the president, shall have power,

Directors.

and they are hereby authorized to provide for the sale or

other disposition and transfer, of all shares of stock thereof

which shall be forfeited to, vested in or held by the corpo-