754

LAWS OF MARYLAND.

Executive
committee

SEC. 5. And be it enacted, That the board of directors shall
annually elect two of their number, who, together with the
president, shall constitute an executive committee, which com-
mittee shall meet at such times and exercise such powers as
the board of directors shall, by their by-laws, vest in them.

Powers of
directors

SEC. 6. And be it enacted, That the board of directors shall
have power to regulate the time and duration of all the poli-
cies issued by the company, the rates of insurance, and the
amount of premium notes to be taken, to fix the amount of
annual interest on said premium notes, not to exceed six per
cent., to provide for the payment of losses and expenses in-
curred by the company, to execute the various provisions of
this charter, and do all things which, in their judgment, may
be necessary for the well being and good management of the
affairs of said company, consistent with the laws of this State.

Meetings.

SEC. 7. And be it enacted, That the board of directors shall
meet regularly on the first Wednesday of June, September,
December and March, at ten o'clock A. M., for the transaction
of business, and special meetings may be called as prescribed
by the by-laws.

Duties of
president.

SEC. 8. And be it enacted, That it shall be the duty of the
president to preside at all meetings of the company and the
board of directors, and he, together with the secretary, shall
sign all policies of insurance issued by the company, and per-
form such other duties as the by-laws may assign him.

Duties of
secretary

SEC. 9. And be it enacted, That the secretary shall record
the proceedings of all meetings of the company, board of
directors and executive committee, and shall keep regular
accounts between the company ami its members, and of all
money passing through his hands, and perform such other
duties as the board of directors or the by-laws may assign him.

Premium

notes.

SEC. 10. And be it enacted, That the premium notes taken
by this company shall remain in force until the policies for
which they were given are cancelled, either by the member
surrendering his policy and paying all his liabilities thereon, or
by the company cancelling the same upon proper notice to the
assured, and each of said premium notes shall be liable for its
estimated proportion of all the losses and expenses of the com-
pany, up to the time of the cancellation of said policy. In
case the maker of any such premium note shall neglect or
refuse to pay such annual interest or such assessments as may