LLOYD LOWNDES, ESQUIRE, GOVERNOR.

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mium note has been given), to pay to said company such sums
and at such times as the board of directors shall assess and
order for the payment of losses and other obligations, providing
the total of such assessments may be fixed by the by-laws, but
shall not exceed the amount of their annual premiums on any
policy, and in all cases, the property insured shall be bound
for the payment of such assessment, whether a premium note
has been given or not.

SEC. 5. And le it further enacted, That Oliver D. Collins,

Bound to pay
certain sums
of money.

Marion T. Hargis, Edward White, Robling D. Jones, J.
Edward White, Thomas M. Purnell and Calvin B. Taylor are
hereby created directors of The Atlantic Fire Insurance Com-
pany, and shall manage its affairs until the first Monday in
January, after said company shall have commenced business,
and until their successors shall have been elected and qualified,
as hereinafter provided ; and such of said directors as shall be
present at their first meeting shall proceed to organize the
company by electing a president, vice-president, secretary and
manager, treasurer, and other officers, committees and agents
deemed advisable, and fix their compensation, if any, and the
duties of such officers, and all other matters concerning the
regulation of said company may be provided for in the by-laws,
to be adopted as soon thereafter as practicable ; but no direct-
ors shall be subject to liability except as other members ; the
number of directors shall not be less than five nor more than
fifteen, and three shall constitute a quorum for the transaction
of business.

SEC. 6. And be it further enacted, That it shall be the

Directors
created.

duty of the president and secretary to give notice of at least
two weeks by advertisement in some newspaper published in
Worcester county, of the meeting of members annually, which
shall be held on the first Monday in January in each and every
year, for the transaction of such business as may properly be
brought before them, and for the election of directors of the
company ; but in case such election should, from any cause,
not be held on the same day, the company shall not in conse-
quence thereof be dissolved, but such election may be held at
such subsequent time as may be selected by the board of direc-
tors or a majority of them. At all elections each member
shall have one note, either in person or by proxy, and such
members as may be in attendance shall constitute a quorum,
every voting proxy being executed in writing, before one wit-
ness at least, and tiled with the judges of election before the
balloting commences ; the election to be conducted by three

Notice to be
given.