244 LAWS OF MARYLAND. [CH. 149

Section 5. The annual meeting of the members of the Com-
pany shall be held on the first Monday in September at 10
o'clock A. M., and such members as may be in attendance shall
constitute a quorum. It shall be the duty of the President or
Secretary to give at least two weeks' notice of the annual meet-
ing of the Company by advertisement in some newspaper pub-
lished in Frederick County, and if for any reason a members'
meeting shall not be held at the appointed time, it shall be
held at such early subsequent date as may be fixed by the
Board of Directors after similar notice.

Section 6. The Board of Directors shall make such by-laws
not inconsistent with the Charter or the laws of the State of
Maryland as they may deem necessary to conduct the affairs
of the Company and shall have power to alter and amend the
same, and the said by-laws and amendments thereof shall be
binding upon the members of said Company.

Section 7. The Company shall have authority and power
to insure against loss or damage by fire or lightning any and
all property the Board of Directors may consider insurable;
to reinsure any or all of the risks at any time insured or cov-
ered by it in any other fire insurance company; to re-insure
for any other fire insurance company any and all risks covered
by it, to borrow money as its needs may require and to pur-
chase, hold and dispose of real estate as its needs may require.

Section 8. All applications for insurance in the Company
shall be made in writing and when such application has been
made, the premium basis fixed and stated therein and the cash
premium and other charges thereon paid, the insured shall be
deemed to be a duly constituted member of said Company and
bound by all the rules and regulations thereof as contained in
its Charter and by-laws.

Section 9. Every policy issued by said Company shall state
plainly the premium basis upon which it is issued and a pro-
vision as a condition precedent upon which such policy is is-
sued that by the acceptance of such policy the insured covenants
and agrees with said Company to pay to said Company such
sums of money as the Board of Directors may require, in such
proportion and at such time as the Company agreeably to its
Charter may require.

Section 10. When application shall be made for insurance
in said Company, it shall be lawful for the Company to ascer-