1845.

LAWS OF MARYLAND.

CHAP. 291.

First board of
directors.

SEC. 7. And be it enacted, That the persons named
in the first section of this act, be and they are hereby
appointed the first board of directors of said company,
to serve until others are elected, as hereinafter provided
for, with power to elect a president as soon as they may
deem it expedient so to do, to establish his salary, to
fill up vacancies in their own bodies, and with all other
powers which are conferred upon the directors of the
company by this act.

Holders of
certificate of
stock.

SEC. 8. And be it enacted, That every holder of a
certificate of stock of one hundred dollars, or of a certi-
ficate or certificates of profits, amounting to one hun-
dred dollars, which shall not have been discharged or
reduced below that sum by payments, or by losses and
expenses, and every holder of a policy or policies not
marked off, the premiums on which shall amount to one
hundred dollars, and made directly in his own name, or
in the name of the firm of which he is a partner, shall be
entitled to one vote, at all elections of directors and
meetings of the company; and in case the certificate or
certificates of earnings so produced, shall exceed one

May vote by
proxy.

hundred dollars, the holder thereof shall be entitled to an
additional vote for each one hundred dollars, for such
excess; persons may vote by proxy, if the proxy is ac-
companied by the aforementioned evidence of the right so
to vote; one person only shall be allowed to vote at the
same election on the same documents, and in case of a fail-
ure to elect, from the number of voles being equal, a new
election is to be held to fill the before mentioned places.

Considered
members.

SEC. 9. And be it enacted, That all holders of certi-
ficates or policies, who are entitled to vote as aforesaid,
shall be considered members of the company.

First meeting
of the compa-
ny.

SEC. 10. And be it enacted, That the first meeting
of the company for the election of directors, shall be
held on the first Monday succeeding the expiration of
twelve months, from the date of the first policy issued by
the company, and annually thereafter, on the same day
in every year, a similar meeting shall be held for the
same purpose; notice of said meeting shall be given in
two daily newspapers printed in the city of Baltimore,
at least ten days previous to such meeting.

Duty of the
president and
directors.

SEC. 11. And be it enacted, That it shall be the duty of
the president and directors, to superintend the concerns
of the company, in all things not otherwise herein pro-
vided for, and to cause a proper office to be kept for the
transaction of business; the president and directors shall
hold a monthly meeting, and shall, at every such meeting,