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LAWS OF MARYLAND.

such election to be given in one or more newspapers
published in Charles county, at least three weeks,
before such election shall be held; and the persons
herein named as directors, shall immediately after
the passage of this act organise the company and
prepare a constitution or by-laws as they may see
best, to be submitted to the members for adoption be-
fore the first Monday in May, eighteen hundred and
fifty-seven.

Officers.

SEC. 3. And be it enacted, 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 and by-
laws.

Directors to
elect officers.

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, to fix the rate of insurance
and to decide upon all applications for the same; to
prescribe the form and amount of the premium notes,
according to the nature and greater or less hazard of

Provisos.

the property insured; Provided, the same be not less
than seven per centum on the amount of the proper-
ly insured, to order and direct all policies to be issued;
which policies shall be signed by the president and
attested by the secretary; Provided, no policy shall
be issued until persons holding property to the
amount of fifty thousand dollars of insurable prop-
erly, shall become members of this company, and
such company are hereby vested with all powers re-
quisite and proper to carry this into effect; Provided,
the same be not inconsistent with the constitution
and laws of this State; and in case any vacancy
shall occur in the board of directors from death, re-
signation or any cause, the board of Directors shall
supply such vacancy or vacancies until the next an-
nual election.

Who may be-
come mem-
bers.

SEC. 5. And be it enacted, That any person or
persons, or body corporate, may become members of
this institution by insuring his, her or their property
with the company, and by pay ing in advance in cash,
or by executing his note at his, her or their option,
which note shall be secured in the manner hereinafter
prescribed for such premium as may be required by