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Session Laws, 1931
Volume 580, Page 110   View pdf image (33K)
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110                         LAWS OF MARYLAND.                   [CH. 68

thereof his membership shall cease. The company shall have
full power and authority to rescind or revoke any policy by it
issued at any time and upon such rescission or revocation the
membership of the insured shall cease. When the membership
of a member for any reason ceases, all of his. rights against the
company or its property shall in all respects cease and termi-
nate, except the right to recover for loss or damage sustained
while a member for which the company would have been liable
under his contract of insurance.

5.     Edward Stabler, Dr. William P. Palmer, George E.
Brooke, Robert R. Moore, William H. Farquhar, Joseph Gil-
pin, Richard T. Bentley, Joshua Peirce, Edward Lea, Samuel
Ellicott, Henry Stabler, Francis P. Blair, and Caleb Stabler
are hereby created directors of the said "Mutual Fire Insur-
ance Company of Montgomery County" until the first Monday
in January, eighteen hundred and forty-nine, and until their
successors shall be elected, as hereinafter provided for; and
such of them as shall be present at their first meeting shall
proceed to organize the company, by electing a president and
secretary thereof, and as soon thereafter as practicable adopt
a form of constitution and by-laws, provide the necessary books,
and otherwise prepare the company for the transaction of busi-
ness, and, when so prepared, to exercise a general superin-
tendence of the affairs of the company.

And the Board of Directors above named and any other
Board of Directors that may be hereafter elected, as herein-
after provided for, shall elect or appoint annually such officers
as may be necessary to conduct the affairs of the company, and
fix their salaries.

6.     It shall be the duty of the president or secretary of the
said company annually to give notice of at least two weeks, by
advertisement in some newspaper of general circulation pub-
lished in the State of Maryland, of the election, which shall
be held on the second Tuesday in May in each and every year,
for thirteen directors of the company, who shall be members
thereof; at the first election of directors after the approval of
this Act, thirteen persons shall be elected as directors. Of
these five shall be elected for terms of one year; four shall be
elected for terms of two years, and four shall be elected for
terms of three years. Thereafter all directors shall be elected
for terms of three years. In case such election should, from
any cause, not be held on the same day, the company shall not


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Session Laws, 1931
Volume 580, Page 110   View pdf image (33K)
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