PRIVATE ACTS. 1235

at a special meeting or meetings, to be called for the purpose,
to a sum not exceeding five million dollars; and the incorpora-
tors, or a majority of them, named in this Act shall have
power to open books or subscriptions at such times and places
in the city of Baltimore and elsewhere as they may deem ex-
pedient, and they shall have power to compel all subscribers to
said stock to pay therefor at par, or at such sum above par, as
they may decide; and when the par value or such sum above
par as may be agreed upon on any share shall have been fully
paid, the same shall thereupon become non-assessable and non-
liable for or on account of any purpose whatsoever. The said
corporation shall not, however, issue any policies of life insur-
ance until the whole of its said stock to the amount of one
hundred thousand dollars shall have been subscribed nor until
the said corporation shall have deposited in the treasury of
this State as a guarantee for the payment of its policies of in-
surance, the sum of one hundred thousand dollars in cash or in
such securities as are now or may hereafter be prescribed by
the Insurance Laws of this State; and thereupon the stock-
holders may elect not less than five, nor more than twenty-five,
directors from among themselevs to hold until the ensuing an-
nual meeting, or until their successors shall have been duly
elected and qualified; and the directors so elected of said com-
pany, when it shall have been organized, may and they are here-
by 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 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 determined upon by the vote of the majority of
the stockholders of said corporation at the time of such in-
crease 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 re-
solution or resolutions, then the board of directors shall have
power to sell said stock, payable in instalments, to such per-
sons or corporations as they may see fit; not, however, under
the price fixed in said resolution or resolutions.

SEC. 3. And be it enacted. That the directors shall be elected
annually by the stockholders on the second Tuesday in Janu-
ary, 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 presi
dent and such vice-presidents as they may see fit, and shall
also have power to elect a secretary, a treasurer, who may, if