1849.

LAWS OF MARY LAND.

CHAP. 356.

and all other persons who may hereafter associate with
them, in the manner herein prescribed, be and they
are hereby incorporated by the name of the Mutual
Insurance Company of Weverton, for the purpose of
insuring their respective dwelling houses, manufac-
tories, mills, stores, shops and other buildings, mer-
chandise, household furniture, and other property
against loss damage by fire, and by such name shall
have succession, sue and be sued, plead and be im-
pleaded, in any court of law or equity in this State,
have, make and use a common seal, and the same
break, alter and renew at pleasure.

First board of
directors.

SEC. 2. And be it enacted, That the first named
twelve persons shall be the directors of said company,
until the first Monday of January, eighteen hundred
and fifty-one, at which time, and annually thereafter,
twelve directors shall be elected to manage the affairs
of said company, and each member having properly
insured to the amount of one hundred dollars, shall
be entitled to one vote, and notice of every such elec-
tion shall be given in one or more newspapers pub-
lished in Washington and Frederick counties, three
week's 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 bye-laws, as they
may see best, to be submitted to the members for
adoption, before the said first Monday in May, eigh-
teen hundred and fifty-one.

Officers— how
and when cho-
sen.

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,
obligations and responsibilities shall be such as may
be designated in the constitution or bye-laws.

Duties and
powers of the
directors.

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, fix the rate of insurance, and to de-
cide upon all applications for the same, to prescribe
the form and amount of premium notes, according to
the nature and greater or lesser hazzard of the pro-

Provisoes.

perty insured; provided, the same be not less than
seven per cent on the amount of property insured, to
order and direct any policies to be issued, which poli-
cies shall be signed by the president, and attested by
the secretary; provided, no policy shall be issued un-