386

LAWS OF MARYLAND.

further issue of slock, not exceeding in all two hun-
dred and fifty thousand dollars, in like shares of fifty
dollars each, or by the conversion into stock of the
reserved profits or surplus fund represented by the
scrip hereinafter mentioned, which may be done at
any time by a vote of not less than two thirds of
the whole Board of Directors; the scrip to be con-
verted at its then marketable value into stock. The
holders of the stock certificates representing the pres-
ent cash capital of twenty-five thousand dollars, shall
surrender them to the company and receive new cer-
tificates to equal amount, to be issued under this
section. The subscription to said increased capital
shall be subscribed and paid in such manner and at
such times as the board shall direct; said certificates
of stock shall be transferable only on the books of
the company, under regulations to be prescribed by
the by-laws The company may also receive notes
in advance for premiums from persons intending to
receive its policies, and may negotiate them for the
purpose of paying losses, or otherwise, in the course
of its business.

Instead of
fourth section

SEC. 3. And be it enacted, (In the stead of the

provisions of the fourth section of the said original
act, so aforesaid repealed,) That every holder of a
certificate of stock of fifty dollars shall be considered
a member of the company; and in the election of
directors, every stockholder shall be entitled to one
vote for each share of stock held by him, and such
vote may be given in person or by proxy.

Instead of
fifth section.

SEC. 4. And be it enacted, (In the stead of the
provisions of the fifth section of the said original act,
so as aforesaid repealed,) That for the ordering of
the affairs, transacting the business, and carrying
into effect the objects of said corporation, the board
of directors shall consist of twenty-four elected mem-
bers; each director shall be a holder of at least five
shares of stock during the time he shall continue a
director, and a majority of them shall be citizens of
this State; and the said twenty-four directors shall
be chosen by ballot, at the annual meeting, for the
term of one year, and until others are elected in their
stead; and at their first meeting after such election,
the directors shall choose a President and a Vice-
President, who shall serve for one year, but they
may hold over, and, unless removed at the expiration
of their terras, respectively, by the election of others
to fill their places, they shall be deemed to have