1410 LAWS OF MARYLAND.

and as soon thereafter as practicable, adopt a form of con-
stitution and by-laws, to provide the necessary books, and other-
wise prepare the company for the transaction of business. And
the board of directors and any other board of directors that
may hereafter be elected, as hereinafter provided for, shall
have authority to allow any officer or officers in the employ of
the company such salaries, fees or compensation as they may
deem proper, and all officers of the company (other than direc-
tors) shall be appointed annually by such directors as shall be
present at the first meeting of the board after the annual elec-
tion of directors, and in case of any vacancy or vacancies
occurring in the board of directors at any time or times from
any cause whatever, such vacancy or vacancies shall be filled by
the remainder of the board until the time of holding the next
annual election.

SEC. 11. 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 advertisement in some newspaper published in Bal-
timore, Harford and Carroll counties, of the election required
to be held on the first Tuesday of February in each and every
year for fifteen directors of said company, who shall be mem-
bers thereof, but in case such election should from any cause
not be held on 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, after above notice; and at such election
each member shall have one vote, and may vote either in per-
son 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.

SEC. 12. 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, com-
puting from the first day of January, 1908, and the secretary
shall make a detailed statement of the condition and affairs of
the company, which shall be by the board of directors sub-
mitted to the examination of a committee of such number of
persons, 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 the
said company, in such form as the board of directors may pre-
scribe.

SEC. 14. The members of the company shall have the power
to pass by-laws prescribing the duties of the president, secre-