JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 775

G. Morris Bond and Alfred E. Hatch, be and they
are hereby constituted and appointed commission-
ers, or a majority of them, to open books in the
city of Baltimore at such time and in such manner
and under such rules and regulations as they or a
majority of them shall deem proper, to take sub-
scriptions to the said guarantee capital stock, and
when the sum of ten thousand dollars have been
subscribed and actually paid in and invested in
either of the securities hereinbefore named, and
the said securities deposited with the Treasurer of
this State as aforesaid, and the' said Treasurer's
certificate therefor obtained and published in one
or more newspapers of the city of Baltimore, the
said company shall organize by the election and	When to or-
appointment of its officers, agents and servants,	ganize.
and thereupon at once commence and conduct its
business.
SEC. 7. And be it enacted, That the corporate
powers of said company shall be -vested in a Board	Corporate
of Directors, thirteen in number, a majority of	powers.
whom shall be citizens of the State of Maryland,
and holders of guarantee capital stock.
SEC. 8. And be it enacted, That an election for
directors of said company shall be held at the office
of said company in the city of Baltimore, on the
first Tuesday in June next after the organization of the company, and annually thereafter, and notice	Election — when held.
of such election shall be given by publication in
two newspapers of the city of Baltimore at least
ten days prior thereto.
SEC. 9. And be it enacted, That at every election
for directors each stockholder shall be entitled to	Each share
one vote, in person or by proxy, for each and every share of capital stock of the company owned and	entitled to one rote.
held by him, in his own right and name, trans-
ferred on the books of the company to him at least
thirty days immediately preceding such election ;
and each policyholder shall be entitled to one vote
in person, but not by proxy.
SEC. 10. And be it enacted, That seven directors
shall constitute a quorum for the transaction of	Quorum.