1845.

LAWS OF MARYLAND.

CHAP. 190

incorporated, by the name of the Mutual Insurance
Company of Talbot County, for the purpose of insuring
their respective dwelling houses, manufactories, mills,
stores, shops and other buildings, merchandise, house-
hold furniture, and other property, against loss or damage
by fire; and by such name shall have succession — to,
sue and be sued, plead and be impleaded in any court
of law or equity in this State, to have, make and use
a common seal, and the same to break alter and renew
at pleasure.

First twelve
named.

SEC. 2. And be it enacted, That the first named
twelve persons, shall be the directors of said company
until the first Monday of May, eighteen hundred and
forty-six, at which time, and annually thereafter, twelve
directors shall be elected to manage the affairs of said
company; and each member having property insured to
the amount of one hundred dollars, shall be entitled to
one vote, and notice of every such election to be given
in one or more newspapers published in Talbot county,
three weeks at least before such election shall be held;
and the persons herein named as directors shall, imme-
diately after the passage of this act, organize the com-
pany, and prepare a constitution or by-laws, as they
may sec best, to be submitted to the members for adop-
tion, before the said first Monday in May, eighteen hun-
dred and forty-six.

Officers, &c.

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, obli-
gations and responsibilities shall be such as may be
designated in the constitution and by-laws.

Directors to
elect 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 re-
quired from such officers, to prescribe the form and
penalty thereof, to fix the rate of insurance, and to de-
cide upon all applications for the same, to prescribe the
form and amount of premium note's, according to the
nature and greater or lesser hazard of the property in-

Provisoes.

sured; provided, the same be not less than seven per
cent, on the amount of the property insured, to order
and direct all policies to be issued, which policies shall
be signed by the president and attested by the secretary;
provided, no policy shall be issued until persons holding
property to the amount of fifty thousand dollars of insu-