E. LOUIS LOWE, ESQUIRE, GOVERNOR.
477
of the company, the said president and directors
may proceed to collect the same or any part thereof, in
the same manner as in the foreclosure of a mortgage
on real estate, the said notes or evidences of debt to be
held and deemed as a mortgage on such real estate.
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SEC. 5. And be it enacted,
That Alexander H.
Bayly, James Wallace, Whomas W. Anderson, James
A. Stewart, William P. Williams, John R. Keene,
William S. Hearn, Lewis Ross, senior, William Rea,
Jeremiah C. Wright, Reuben Tall, James A. Wadell
and Kendall M. Jacobs, are hereby created directors of
the said Mutual Fire Insurance company in Dorchester
county, until the first Monday in January, eighteen
hundred and fifty-five, and until their successors shall
be elected as hereinafter provided for; and such of
them as shall be present at the first meeting, shall proceed
to organise the company by electing a president
and secretary thereof, and as soon thereafter as practicable,
adopt a form of constitution and by-laws, to provide
the necessary books, and otherwise prepare the
company for the transaction of business, and when so
prepared to exercise a general superintendence of the
affairs of the company; and the board of directors
above named, and any other board of directors that
may be hereafter elected as hereinafter provided for,
shall have authority to allow any officer or officers in
the employ of the company, such salaries, fees or compensation
as they may deem proper; and all officers of
of the company, other than directors, shall be appointed
annually, by such directors as shall be present at
the first meeting of the board after the annual election
of directors; and in case of any vacancy or vacancies
occurring in the board of directors, at any time or times
from any cause whatever, such vacancy or vacancies,
shall be filled by the remainder of the board until the
remainder of the time of holding the next annual
election.
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Organization.
Salaries.
Officers.
Vacancy—
how filled.
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SEC. 6. And be it enacted,
That it shall be the duty of
the president and secretary of the said company, annually
to give notice of at least two weeks, by advertisement
in some newspaper published in Dorchester county, or
by notice posted at such public places as he may deem
proper, of the election, which shall be held on the first
Monday of January, in each and every year, for thirteen
directors of the company, who shall be members
thereof, but in case such election should from any cause
not be held on the said day, the company shall not in
consequence thereof be dissolved, but such election may
be held at such subsequent time as may be selected by
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Duty of president
and
secretary.
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