526

LAWS OF MARYLAND.

County, Maryland," and its principal office shall be in

Middletown, in Frederick County.

Art. 2. This company is formed for the purpose of insur-

Objects of

ing private residences, farm dwellings, barns and outbuild-

in corpora-
tion.

ings, with their contents,' and other property not more

hazardous against loss or damage by fire or lightning, and

its business shall be confined to such property.

Art. 3. The rights, powers and privileges now or here-

Powers.

after conferred by law upon this corporation, shall be vested

in and delegated to a board of nine directors, three of

whom shall be elected annually from among the members of

the cpmpany on the first Monday of September at 10 a. m.,

and shall serve for three years, and until their successors

are elected and qualified; of which annual election two

weeks' previous notice of the time and place shall be given

by publication in some newspaper printed and published in

Frederick County and vacancies occurring in said board

shall be filled by the remaining directors until the next

annual election; and the present board of directors shall

remain in office until the first annual election hereafter,

when their successors shall be elected in accordance with

the provisions of this charter.

Art. 4. The board of directors shall elect annually from

Elect presi-
dent and

among their own number a president and a vice-president ;

vice-presi-
dent.

they shall also appoint a secretary and all such other

officers, agents, attorney, &c., as they may deem necessary

for the transaction of the business of the company, and

shall fix their compensation, and may discharge any or all

of them whenever they may deem it expedient.

Art. 5. The board of directors' shall annually elect two of

Executive
committee.

their number, who, together with the president, shall con-

stitute an executive committee, which committee shall meet

regularly on the last Monday of each month at the office of

the company at 2 o'clock, p. m., and shall exercise such

powers as the board of directors shall, by their by-laws

rest in them.

Art. 6. The boardof directors shall have power to regulate

Policies
and rates of

the time and duration of all its policies, and the rates of

insurance

insurance, and the amount of premium notes to be taken, to

fix the amount of annual interest on the said premium notes

not exceeding six per cent.) to provide for the payment of

losses and expenses incurred by said company, to execute

the various provisions of this charter, and to do all things

necessary for the well being and good management of the

affairs of the said company consistent with the laws of

this State.