236

LAWS OF MARYLAND.

amount shall be made good before estimating or divid-
ing the profits of the business, and the amount of said
certificates of stock, with all interest thereon which
shall then be due, shall, on winding up of the com-
pany, be returned to the holders thereof before and pay-
ment shall be made to the holders of dividend certifi-
cates or policy holders, said certificates of stock shall be
transferable only on the books of the company under
regulations to be prescribed by the by-laws.

Right of
membership.

SEC. 5. And be it enacted, That every holder of a
certificate of stock of one hundred dollars, and who
shall be a contributor by note, given to the company in
advance of premium, to the amount of three hundred
dollars, shall be considered a member of the company,
and entitled to vote at all elections of directors and meet-
ings of the company, and none other shall be deemed
members of the corporation, and every such holder of
a certificate and contributor by note, in the aggregate
amount of four hundred dollars, and pro rata in case of
the reduction or cancelling of said notes, given in ad-
vance for premiums, as provided for in the preceding
section, shall be entitled to one vote for each and every
four hundred dollars, and pro rata in case of reduction
or cancelling as aforesaid, so held and constituted, but
no person shall be entitled to more than ten votes;
voles may be given by proxy.

Transacting
of business.

SEC. 6. And be it enacted, That for the ordering
the affairs, transacting the business and carrying into
effect the object of the corporation, there shall be twelve
directors, who shall be member; of said corporation at
the time of election, and residents of the city of Balti-
more; the said twelve directors shall be chosen by
ballot, at the annual meeting for the term of one year,
and until others are chosen in their stead; and at their
first meeting after each election, the directors shall chose
a president and vice president, and should it at any time
happen, that an election of directors shall not be made
upon the day when pursuant to this act, it ought to have
been made, the corporation shall not for that cause, be
deemed to be dissolved; but it shall be lawful upon
any other day thereafter, to make an election of direc-
tors in such matter as hereinbefore directed, or as may
be ordained by any by-law of the corporation; and in
case of the death, resignation or disqualification of the
president, or of the vice president, or of a director, the
place so becoming vacant may for the remainder of the
year be filled up by the board of directors for the time
being; in case of sickness or necessary absence of the