544

LAWS OF MARYLAND.

of the company, and shall fix their compensa-
tion, and may discharge any or all of them
whenever they may deem it expedient.

ARTICLE V. The Board of Directors shall an-
nually elect two of their number, who, together
with the President, shall constitute an execu-

Executive
Committee.

tive 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 vest in them.

ARTICLE VI. The Board of Directors shall
have powers to regulate the time and duration
of all its policies and the rates of insurance
and the amount of premium notes to be taken,

Duties.

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 vari-
ous 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.

Time of meet-
ing

ARTICLE VII. The said Board of Directors
shall meet regularly on the first Monday in
September, December, March and June, at 10
o'clock a. m., and special meetings may be
called as prescribed by the by-laws.

ARTICLE VIII. It shall be the duty of the
President to preside at all meetings of the com-

President.

pany and of the Board of Directors, and he, to-
gether with the Secretary, shall sign all policies
of insurance issued by the company, and in
the absence of the President, the Vice-Presi-
dent shall perform the various duties devolv-
ing upon the President.

Secretary.

ARTICLE IX. The Secretary, who shall also be
the Treasurer, shall record the proceedings of
all meetings of the company, Board of Direct-
ors, and Executive Committee, and shall also
keep regular accounts between the company