1236 LAWS OF MARYLAND.

desired, be one person, and such other officers as may be pro-
vided for in the by-laws of said corporation, and to appoint
and employ such other officers, clerks, counsel and agents as
the business of the said company from time to time may re-
quire ; all elections shall be by ballot, and at all such elections
and all meetings of stockholders every stockholder shall be en-
titled to one vote for every share of stock held by him; but no
person shall eligible as director who is not a stockholder to
the amount of at least ten shares of stock.

SEC. 4. And be it enacted. That said corporation be and it
is hereby authorized and empowered to issue policies of life
insurance upon the lives of any and all person or persons upon
such terms and conditions as may be agreed upon between said
corporation and such person or persons, and as may be em-
bodied in such policy or policies so to be issued, and to conduct
generally a life insurance business to as full an extent as is or
may be conducted by life insurance companies incorporated
under the General Incorporation Laws of this State; provided
always, that with reference to the conduct of such life insur-
ance business said corporation shall in all respects conform to
and be subject to the laws of this State relating to life insur-
ance companies, and to any amendments or additions thereto
now or hereafter to be made, to as full an extent as the same
are applicable to life insurance companies incorporated under
the General Laws of this State.

SEC. 5. And be it enacted, That the said corporation shall
have the right to consolidate with any other life insurance
company as fully and to the same extent as other corporations
are now or may hereafter be permitted to consolidate under
the laws of the State of Maryland; provided, however, that if
the said corporation desires to consolidate with any mutual
life insurance company, or one which has no capital stock, it
shall be necessary to give to the stockholders of this corpora-
tion and to the policyholders of such life insurance company
having no capital stock, at least thirty days' notice by adver-
tisement in at least two newspapers (if there be that many)
published in the city or county where said corporations have
their principal office; and such consolidation shall be valid and
effectual if assented to by a majority of the stockholders or
policy-holders of the respective corporations present and vot-
ing in person or by proxy at a meeting of the said stockholders
or policy-holders called for that purpose, after due notice by
advertisement, as aforesaid.

SEC. 6. And be it enacted, That the said corporation is au-
thorized to take, have, hold and enjoy all such estates, real, per-
sonal and mixed, as may be obtained by the investment of its
capital stock, and all other moneys or funds that may come