1845.

LAWS OF MARYLAND.

CHAP. 246.

said act, is required to be held on the first Monday of
February, eighteen hundred and forty-six, or within
twenty days thereafter, may be held on the first Monday
of February, in any year during the continuance of said

Proviso.

charter, or within twenty days thereafter; provided, such
election shall be held within twelve months from the date
of the first policy, which shall be issued by said com-
pany.

First board of
directors.

SEC. 2. And be it enacted, That the persons named in
the first section of said act, and the survivors of them, be
and they are hereby constituted and continued the first
board of directors of said company, to serve until the
first election shall take place, as above provided, with

Elect presi-
dent — fill va-
cancies.

power to elect a president, as soon as they deem it ex-
pedient so to do, to establish his salary, to fill up vacan-
cies in their own body, and with all powers which are
conferred upon the directors of the said company by the
charter thereof.

Act amended,
&c.

SEC. 3. And be it enacted, That said act, as it is print-
ed among the laws of said session, be and it is hereby
amended, as follows: in the third section in the eleventh
line from the beginning thereof, instead of the word is-
sue, shall be inserted the word sum; in the same section
in the forty-first line from the beginning thereof, after
the word made, shall be inserted the words, the holders
of said certificates; in the nineteenth section in the
seventh and eighth lines from the beginning thereof, in-
stead of the word, account, shall be inserted the word,
amount; in the same section in the twenty-second line
from the beginning thereof, instead of the word, showing,
shall be inserted the word, shaving; and in the twenty-
first section in the fourth line from the beginning thereof,
instead of the word, first, shall be inserted the word,
past, and said act shall be read and be understood, as if
said amendments were actually inserted therein.

Sum of $25, -
000 raised by
subscription, to
issue policies.

SEC. 4. AND WHEREAS, it has been found difficult to
obtain a subscription in money to the amount of fifty
thousand dollars, as required by the third section of said
chapter, as a condition to be complied with before said
company can go into operation; therefore, be it enacted,
that when the sum of twenty-five thousand dollars, or
more, shall have been subscribed and paid to the com-
pany, as prescribed by the charter, the said company
may issue policies and go into active operation.

Nett profits
exceed $250, -
000.

SEC. 5. And be it enacted, That when the accumula-
tion of the nett profits of the company shall exceed two
hundred and fifty thousand dollars, the excess shall be