A. W. BRADFORD, ESQUIRE, GOVERNOR.

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Sec. 8. Andbe it enacted, That each share holder,
at the elections for Directors, shall be entitled to
one vote for each and every share of the said guar-
antee capital stock standing in his name on the
books of the company; and any person insured for
life, paying a premium of at least seventy -five dol-
lars per annum, or a sum in instalments equal
thereto, and any person entitled to an annuity of
not less than seventy-five dollars per annum, shall
have one vote; and any member of the company
entitled to vote for Directors may do so by proxy,
duly authorized in writing.

Who shall

vote.

Sec. 9. And be it enacted, That five Directors
shall- constitute a quorum for the transaction of
business; a less number may meet and adjourn,
from, time to time, until a quorum be present.

A quorum.

Sec. 10. And be it enacted, That the Board of
Directors, selected as aforesaid, upon entering upon
the discharge of their duties, shall elect one of
their own number, being a citizen of this State,
President of the company.

President to
be elected.

Sec. 11. And be it enacted, That the said Board
of Directors shall establish the principal office of
said company in the city of Baltimore, but they
may constitute and establish agencies when and
where as they may deem proper; they shall have
power to enact by-laws, rules and regulations, for
the government of its officers, agents and servants,
and the management of its affairs, not inconsistent
with this act, or the Constitution and laws of
this State; the said by-laws, from time to time,
may alter, amend, or be added to, by a majority
vote of the Board of Directors, for which purpose
the Board of Directors shall be convened by no-
tice in writing, to each Director, expressing the
alteration, amendment or addition proposed to be
made, and the yeas and nays shall be taken and
recorded in the book of minutes on each question;
it may regulate the amount of premium, and the
mode, manner, time and instalments of the pay-
ment of the same; it shall possess all the powers
usually vested in Boards of Directors not inconsis-
tent with the provisions of this act.

Management.

Sec. 12. And be it enacted, That the capital
of the company may be increased indefinitely by
the accumulation of profits, except as hereinbefore

Capital stock
may be increas-
ed.