THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

thereby become members thereof during the period they
shall remain insured by said corporation, and no longer.
SEC. 4. And be it enacted, That the affairs of said

corporation shall be managed by a board of directors,
consisting of seven members, to be elected and chosen as
hereinafter provided, which board shall appoint from
their own number one person as president, who shall act
as surveyor and secretary until the board shall otherwise
determine; they shall also appoint one person as trea-
surer, of whom they shall require such security as may
he provided for in the by-laws; and shall have authority
to appoint other officers and employ such clerks, agents
and attorneys as may be found necessary for the transac-
tion of the business of said institution, and shall also de-
termine the rates of insurance, the sum to be insured,
and the sum to be deposited for any insurance, and a
majority of said board shall constitute a quorum to do
business.

CHAP. 165.

Board of ma-
nagers.

SEC. 5. And be it enacted, That the said Joseph
Gabby, Jacob E. Bell, Christian Strite, David M. Good,
Joseph Leiter and George L. Zeigler, shall constitute
the first board of directors, and shall meet to transact the
business of the company, within twenty days after the
passage of this act, and shall continue to be a board of
directors for the term of one year, from and after the date
of the first policy issued by this company, and one month
before the term of office of the first board of directors
expires, an election shall be held for directors, whereof
it shall be the duty of the secretary to give twenty days
public notice; which election shall be held under the
inspection of three members, to be chosen by the mem-
bers who may be present at the time and place of hold-
ing such election, such election shall be by ballot, and
a majority of the votes polled, shall elect, and the direc-
tors so elected shall continue in office for the terra of one
year, from and after the term of office of the first board
of directors shall have expired, and so on annually, an
election for directors shall be held as is fully provided
for in this section, each member shall be allowed one vote
and no more, and no vote shall be taken by proxy.

Board of Di-
rectors.

SEC. 6. And be it enacted, That every person who
shall become a member of this corporation, by effecting
insurance therein, shall before he receives bis policy, de-
posit his promissory note for such sum of money as shall
be determined by the directors; a part not exceeding
five per cent of said note, shall be immediately paid in,
and the remainder of said deposit note shall be payable
22

Members to
deposit pro-
misory note.