466
LAWS OF MARYLAND.
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herein prescribed, be, and they are hereby incorporated
by the name of the Mutual Insurance Company of
Weverton, for the purpose of insuring their respective
dwelling houses, manufactories, mills, stores, shops
and other buildings, merchandise, household furniture
and other property against loss or damage by fire, and
by said name shall have succession, sue and be sued,
plead and be impleaded, in any court of law or equity
in this State, have, make and use a common seal, and
the same break, alter and renew at pleasure.
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Five first
named, directors.
General
meeting.
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SEC. 2. And be it enacted,
That the within first
named nine persons, or any five of them, shall be the
directors of said company until successors shall be chosen
as hereinafter provided; they shall prepare a constitution
and by-laws to be submitted to the first general
meeting of the members, at the first general meeting of
the members, and at all subsequent meetings, when
directors are to be elected, there shall be chosen not
less than five nor more than nine directors; at all elections
and on all other questions, each member having
property insured to the amount of one hundred dollars
or more, shall be entitled to one vote for each and every
hundred dollars so insured; the first named nine persons,
or any five of them, shall call a general meeting of the
members at Weverton, and at such times as they may
appoint, of which meeting they shall give at least three
weeks notice, to be published at least in one newspaper
in Washington county and one in Frederick; at
that meeting directors shall be chosen to serve until the
next succeeding first Monday of January, and until
successors be chosen, and such other business be transacted
as the meeting may deem proper; and on the
first said Monday of January, and annually thereafter,
directors shall be chosen to serve for one year, and until
successors be chosen.
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Officers.
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SEC. 3. And be it enacted,
That the officers of this
company shall be a president, secretary, treasurer, and
such agent or agents, surveyor or surveyors, as may be
necessary to carry this act into effect, to be elected by
the board of directors annually, whose duties, obligations
and responsibilities shall be such as may be designated
in the constitution or by-laws.
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Power of directors.
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SEC. 4. And be it enacted,
That the director of this
company shall have full power to elect the officers above
named, to fix their salaries, to approve the bonds required
from such officers, to prescribe the form and
penalty thereof, fix the rate of insurance, and to decide
upon all applications for the same, to prescribe the form
and amount of premium notes, according to the nature
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