874

LAWS OF MARYLAND.

first Monday of January, 1898, at which time its corporate
powers will cease, be, and the same are hereby repealed, and
the charter of said company, with the supplements thereto, is
made perpetual; provided, that the General Assembly of Mary-
land reserves to itself the right to repeal this act or the original
charter, or any of its supplements, at pleasure.

Repeal.

SEC. 2. And be it enacted, That sections 3 and 4 of chapter
183 of the acts of 1862 be, and the same are hereby repealed,
and the following enacted in lieu thereof :

Elections for
directors.

SEC. 3. And be it enacted, That it shall be the duty of the
president or secretary of the Mutual Fire Insurance Company
in Baltimore county, annually, to give notice of at least two
weeks by advertisements in some newspaper published in Bal-
timore, Harford, Carroll and Frederick counties, and Baltimore
city, of the election required to be held on the first Monday
after the first day of January in each and every year for thir-
teen directors of said 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
times as may be selected by the board of directors or a majority
of them; and at such election each member shall have one vote,
and may vote in person or by proxy, and no proxy shall be
deemed valid unless it shall have been executed and delivered
within the fiscal year immediately preceding the election to be
held.

Fiscal year.

SEC. 4. And be it enacted, That the fiscal year of this com-
pany shall begin on the first day of January and terminate on
the last day of December in each and every year, computing
from the first day of January, 1897; and the secretary shall
make a detailed statement of the condition and affairs of this
company, which shall be by the board of directors submitted to
the examination of a committee of such numbers of persons,

Annual
report.

members of the company or otherwise, as they appoint for that
purpose; and the report of said committee shall be annually
published and distributed among the members of said company
in such form as the board of directors may prescribe.

Effective.

SEC. 5. And be it enacted, That this act shall take effect
from the date of its passage.

Approved April 2, 1896.