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5. Be it enacted, That the said Joseph Gabby, Jacob E.
Bell, Christian Strife, David M. Good, Joseph Leiter and
George L. Ziegler shall constitute the first board of directors,
and shall meet to transact the business of the company within
twenty days after the passage of this Act, and shall continue
to be a board of directors for the term of one year from and
after the date of the first policy issued by this company;
and one month before the term of office of the first board of
directors expires an election shall be held for directors, whereof
it shall be the duty of the secretary to give twenty days' public
notice, which election shall beheld under the inspection of three
members, to be chosen by the members who may be present at
the time and place of holding such elections ; such elections
shall be by ballot, and a majority of the votes polled shall
elect, and the directors so elected shall continue in office for
the term of one year from and after the term of office of the
first board of directors shall have expired, and so on annually
an election for directors shall be held as is fully provided for
in this section. Each member shall be allowed one vote and
no more, and no vote shall be taken by proxy ; provided,
that the next annual election for directors of said company
after the passage of this amended Act shall be held on the
first Saturday of January in the year 1903, and annually
thereafter on said date, and that Joseph M. Bell, Samuel
Strite, Joseph G. Ernst, B. Abner Betts, Harry K. Startzman,
Abraham Strite, and Grafton Downs, directors elected at the
annual meeting held in September, 1901, shall continue to be
the board of directors until the next annual election provided
for in this Act, and all acts done by said board between the
date when their term would expire in September, 1902, to the
next annual election provided in this Act shall be legal and
valid.
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CHAP. 459.
Board of
directors.
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6. And be it enacted, That every person who shall become
a member of the corporation by effecting insurance therein
shall, before he receives his policy, deposit his promissory note
for such sum of money as shall be determined by the board of
directors, said note to be payable in such proportions and at
times as the company may agreeably to this Act of incorpora-
tion require for the payment of losses or damages by fire, and
such incidental charges as shall be necessary for a proper
transaction of the business of said corporation, and at the
expiration of the term of insurance for which a policy is
issued, the said note shall be surrendered ; provided, there are
no losses and expenses which have accrued during said term,
a pro rata share of which said note should bear, in which
event said note will not be surrendered until such pro
rata share of losses and expenses are paid, or instead
43
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Promissory
note to be
deposited
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