T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

Insurance company, of Maryland, and such, of them
as shall be present at their first meeting; Provided,
five of them be so present, shall proceed to organise
the company by electing a president, secretary and
treasurer thereof.

CHAP. 390.

Proviso.

SEC. 7. And be it enacted, That the stockholders
composing this company, or other representatives
by proxy, shall on the first day of April, and in
each and every year thereafter, choose by ballot
from among the stockholders, nine directors to
serve for one year, each stockholder to be entitled
to one vote, for every five shares of stock, not ex-
ceeding fifty shares, one vote for every ten shares
exceeding fifty shares, but no person or body politic
shall have in any instance more than twenty votes;
the directors so chosen, shall serve until the first
day of April next succeeding their election, and
until others are chosen; at their first meeting after
every annual election, they shall choose by ballot,
a president, either from among the other stock-
holders or from amongst their own body, and in
case of the death, resignation or disqualification of
the president or director, the directors shall proceed
to elect another to fill such vacancy, for the re-
mainder of the year.

Election of
directors, &c.

SEC. 8. And be it enacted, That should it so
happen from any cause whatsoever, that the an-
nual election of directors shall not take place in
any one year, or on the day hereinbefore mentioned
for this purpose; this company shall not for that
cause be dissolved, but such election may lawfully
be held on such convenient day thereafter, as may
for that purpose be. fixed by the president and
directors, they causing ten days notice thereof, to
be given in two or more of the daily newspapers
published in the city of Baltimore.

Company not
to be dissolved
by reason of
failure to elect
directors.

SEC. 9. And be it enacted, That the president
and directors shall be and they are hereby autho-
rised to make all kinds of insurance against loss as
provided for in section second of this act, also in-
surance upon lives, and insurance against loss by
fire, wheresoever the property to be insured, may be
situate, also to make re-insurance upon all or any
of the risks to be taken by them, and generally to
transact and perform all business relative to the

May insure
lives and also
against loss
from fire.

objects aforesaid, and also to invest the capital and
funds of the company from time to time, in the
United States stock, Maryland, or other well secured

Capital in-
vested.