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such real estate subsequent to the date of such notes or
evidences of debt and during the time they are in ex-
istence shall not invalidate or prejudice the lien created
thereon by the making and delivery of such notes or
evidences of debt, and such real estate shall only be re-
leased from such liability or lien thereon on the full
payment of such notes or evidences of debt, or such part
thereof as may be demanded by the president and direc-
tors of the company, and the cancelling of the insurance
or insurances for which they were given as premiums,
under such regulations as the said president and directors
may establish, and in case of refusal or neglect to pay
such notes or evidences of debt, either wholly or in part,
whenever and as often as may be demanded by the pre-
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CHAP. 188.
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sident and directors of the company, the said president
and directors may proceed to collect the same or any
part thereof, in the same manner as in the foreclosure
of a mortgage on real estate, the said notes or evidences
of debt to be held and deemed as a mortgage on such
real estate.
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Notes to be
deemed mort-
gage on real
estate.
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SEC. 5. And be it enacted, That Edward Stabler,
Doctor William P. Palmer, George E. Brooke, Robert
R. Moore, William H. Farquhar, Joseph Gilpin, Rich-
ard T. Bentley, Joshua Peirce, Edward Lea, Samuel
Ellicott, Henry Stabler, Francis P. Blair and Caleb
Stabler are hereby created directors of the said Mutual
Fire Insurance Company in Montgomery county, until
the first Monday in January eighteen hundred and forty-
nine, and until their successors shall be elected as herein-
after provided for, and such of them as shall be present
at the first meeting shall proceed to organize the com-
pany by electing a president and secretary thereof, and
as soon thereafter as practicable adopt a form of con-
stitution and bye-laws, to provide the necessary books,
and otherwise prepare the company for the transaction of
business, and when so prepared to exercise a general su-
perintendence of the affairs of the company, and the board
of directors above named, and any other board of direc-
tors that may be hereafter elected as hereinafter provi-
ed for, shall have authority to allow any officer or officers
in the employ of the company such salaries, fees or com-
pensation as they may deem proper, and all officers of the
company, other than directors, shall be appointed annu-
ally by such directors as shall be present at the first meet-
ing of the board after the annual election of directors, and
in case of any vacancy or vacancies occuring in the board
of directors at any time or times from any cause whatever,
such vacancy or vacancies shall be filled by the remain-
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Duties of di-
rectors.
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