1860.

LAWS OF MARYLAND.

CHAP. 319.

shall be given by public advertisement in one or

more newspapers in the city of Baltimore, the
omission or failure to hold an election of directors
within the appointed periods, shall not dissolve the
company, but the board of directors shall as soon
as may be upon like public notice appoint a time
for the election, and the directors shall hold their

Vacancies —
how filled.

office until their successors are elected; and in case
of the death, resignation or disqualification of the
president or a director, the place so becoming va-
cant may for the remainder of the year be filled up
by the board of directors for the time being, in case
of sickness or necessary absence of the president his
place may be supplied by a director whom the board
of directors may at their next regular meeting ap-
point to act as president pro tem., but until such
appointment by the directors, the president may
appoint a director to supply his place, as president
pro tem., the board of directors shall have power
to declare by a by-law, what number of directors,
though less than a majority of the whole, shall
constitute a quorum for the transacting the busi-
ness.

Fiscal year.

SEC. 6. And be it enacted, That the fiscal year
of the company shall commence on the first day of
January of each year and terminate on the last day
of December in each year, but no separate account
on computation shall be made or required of the
fraction of the year, between the date of the organi-
zation of the company and the first day of January
next following, but the same shall be accounted
and computed as a part of the next ensuing fiscal
year.

Annual esti-
mate of pro-
fits.

SEC. 7. And be it enacted, That the president of
said company shall within one month, after the ex-
piration of each fiscal year cause an estimate to be
made as near as may be, of the profits of said com-
pany during the preceding fiscal year, in which
estimate the losses and expenses of the said com-
pany for the year shall be deducted from the earn-
ings of said company, and the income of its capital
and invested accumulations during the same year,
the balance shall be deemed the profits of the com-
pany for such year, and the estimate shall be bind-
ing and conclusive upon all persons, as well stock-
holders as those entitled to receive dividends on pre-
miums, as hereinafter provided, and all others in
any way connected.