THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

SEC. 2. And be it enacted, That the first named twelve
persons shall be the directors of said company, until the
first Monday in August, 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 he entitled to one vote,
and notice of every such election to be given in one or
more newspapers, published in Carroll county, three
weeks at least before such election shall be held, and the
persons herein named as directors shall, immediately af-
ter the passage of this act, organize the company and
prepare a constitution or by-laws, as they may seem best,
to be submitted to the members for adoption before the
said Monday in August, eighteen hundred and forty-
six.

CHAP. 290.

First named
twelve.

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 de-
signated in the constitution and by-laws.

Officers, presi-
dent, secretary
and treasurer,
&c.

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
thereof, to fix the rate of insurance, and to decide upon
all applications for the same, to prescribe the form and
amount of premium notes, according to the nature and

Elect officers
— fix salaries.

greater or lesser hazard of the property insured; 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 insured, which policies shall be signed by the. pre-
sident and attested by the secretary; provided, no policy
shall be insured, until persons holding property to the
amount of one hundred thousand dollars, of insurable pro-
perty, 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 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 directors shall supply such vacancy or va-
cancies, until the next annual election.

Provisoes.

SEC. 5. And be it enacted, That any person or per-
sons, or body corporate, may become members of this

Become mem-
bers by insur-
ing. &c.