414

LAWS OF MARYLAND.

CHAP. 297.

Board
of directors
elected.

stockholders may elect not less than seven, nor more than
twenty-five directors from among: themselves to hold until
the ensuing annual meeting, or until their successors shall have
been duly elected and qualified ; and the directors so elected
of said company, when it shall have been organized may,
and they are hereby authorized and empowered to have,
and to exercise in the name and on behalf of the company
all rights and privileges which are intended to be hereby
given ; and should the capital stock from time to time, or at
any time or times' be increased, the stockholders at the time of
such increase or increases shall be entitled to subscribe to a,pro
rata share of such increase or increases, upon the payment of
such price at par or above par for said stock as may be deter-
mined upon by a vote of the majority of the stockholders of
said corporation at the time of such increase or increases ; and
in case of the failure of any of the stockholders to subscribe
and pay for their pro rata share of said stock at the price and
within the time named in said resolution or resolutions, then
the board of directors shall have the power to sell said stock,
payable in installments, to such persons or corporations as
they may see fit, not however, under the price fixed in said
resolution or resolutions.

President
and other
officers
elected.

SEC. 3. And be it enacted, That the directors shall be
elected annually by the stockholders on the second Tuesday
in January, and they shall elect from their number at the first
meeting of the board after their election as prescribed by the
second section of this Act, and after all subsequent elections,
a president and such vice-presidents as they may see fit; and
shall also have power to elect a secretary, a treasurer, who
may, if desired, be one person, and such other officers as may
be provided for in the by-laws of said corporation, and to
appoint and employ such other officers, clerks and agents as
the business of the said company from time to time may
require; all elections shall be by ballot, and all such elections
and all meetings of stockholders, every stockholder shall be
entitled to one vote for every share of stock held by him, but
no person shall be eligible as director who is not a stockholder
to the amount of ten shares of stock.

Authority to
issue
policies of
life Insurance

SEC. 4. And be it enacted, That said corporation be and it
is hereby authorized and empowered to issue policies of life
insurance upon the lives of any and all person or persons,
upon such terms and conditions as may be agreed upon between
said corporation and such person or persons, and as may be
embodied in such policy or policies so to be issued, and to con-
duct generally a life insurance business to as full an extent as
is or may be conducted by life insurance companies incorpo-