Laws of Maryland.

1843

tion or by-laws as they may deem best, to be submitted
to the members for adoption, before the said first Monday
in May, eighteen hundred and forty-four.
Sec. 3. And be it enacted, That the officers of this
company shall be a president, secretary, treasurer, and
such agent or agents, surveyor or surveyors, as may be
necessary to carry this act into effect; to be elected by the
board of directors, annually, and whose duties, obliga-
tions and responsibilities shall be such as may be designa-
ted in the constitution and bye-laws.

CHAP. 199.
Officers.

Sec. 4. And be it enacted, That the directors of this
Company shall have full power to elect the officers above
named, to fix their salaries, to approve the bonds required
from such officers, to prescribe the form and penalty there-
of, to fix the rate of insurance, and to decide upon all ap-
plications for the same, to prescribe the form and amount
of premium notes, according to the nature, and greater or

Directors to
elect officers.

lesser hazard of the property insured, provided, the same
be not less than seven per cent on the amount of the pro-
perly insured, to order and direct all policies to be issued,
•which policies shall be signed by the president and at-
tested by the secretary, provided, no policy shall be issued,
until persons holding property to the amount of one hun-
dred thousand dollars of insurable property shall become
members of this company, and such company are hereby
vested with all powers requisite and proper to carry this
act into effect, provided, the same be not inconsistent
with the constitution and laws of this State, and in case
any vacancies shall occur in the board of directors from
death, resignation or any other cause, the board of direc-
tors shall supply such vacancy or vacancies, until the next

Provisoes.

annual election.
Sec. 5. And be it enacted, That any person or persons
or body corporate, may become members of this institu-
tion, by insuring his, her or their property with the com-
pany, and by paying in advance in cash, or by executing
his note, at his, her or their option, (which note shall be
Secured in the manner hereinafter prescribed) for such
premium as may be required by the board of directors,
not less than seven per cent on the amount insured, ac-
cording to the greater or lesser hazard of insurance, the
note to be executed to the "Mutual Insurance Company
of Frederick county, " and to bear interest from date, the
interest thereof to be paid annually in advance, at the'
rate of six per cent per annum.

Persons may
become mem-
bers of this in-
stitution, &c.

Sec. 6. And be it enacted, That the clerk of the coun-
ty wherein the property insured, may be situated shall be
furnished with a docket by the mutual insurance company,

Clerk of coun-
ty to be fur-
nished with a
docket.