760 LAWS OF MARYLAND. [CH. 421

9. The affairs of the Company shall be managed by a presi-
dent and a board of eighteen directors, said directors to be
elected by the members from among their own number, at the
annual meeting on the second Monday in March of each year,
and ten of said directors shall be residents of Harford County,
and eight shall be residents of Baltimore County; but the
members shall have the right at any time to reduce the num-
ber of directors to any number not less than five, of whom a
majority shall be residents of Harford County; any vacancy
occurring in the board of directors shall be filled by the re-
maining directors until the next annual meeting; said presi-
dent shall be elected by the board of directors each year at its
first meeting after its election, and shall be selected from among
the members of said Company, but no member of the board of
directors,, while acting as such, shall be eligible for the office
of president.

SEC. 2. And be it further enacted. That Section 10 of said
Charter, as said section was amended by Chapter 438 of the
Acts of the General Assembly of Maryland of 1924, be and it
is hereby repealed and re-enacted with amendments to read as
follows:

10. An annual meeting of the members shall be held on
the first Monday in February in each year, and there shall also
be held a regular annual meeting of the members on the second
Monday in March of each year, and at the February annual
meeting the president and board of directors shall make a full
and detailed report of the business and financial condition of
the Company, which report shall be referred to a committee of
three members who are not officers or directors to be appointed
by the meeting; this committee shall be empowered to employ
insurance experts or accountants for the purpose of examining
the report of the president and directors and the affairs of the
Company generally, and said committee shall meet forthwith,
and it and its experts shall have full access to all the books,
papers and accounts of the Company for the purpose of a full
investigation; they shall make their report in writing, together
with their recommendations to the ensuing March members'
meeting; and no election of directors shall be held at said
March meeting or any adjourned meeting until said report
has been read and considered, and the report shall be copied
in full upon the minutes of the members' meeting to which it
has been submitted; provided, however, that the members shall