THOMAS H. HICKS, ESQUIRE, GOVERNOR.

229

transact all kinds of business for which it is es-
tablished.

SEC. 5. And be if. enacted, That after the sub-
scription of five thousand shares as provided for
in the foregoing fourth section, the said James L.
D. Grill, Charles L. Oudisluys, Frederick Fickey,
jr., J. J. Turner, Howard Heald, Samuel S. Ad-
dison, J. J. Abrahams, Jereh. Fisher, George F.
Sloan, Otis Spear, James Lownds, Joseph Mat-
thews, are hereby created directors of the said
Maryland Fire Insurance Company, until the first
Monday in February, eighteen hundred and fifty-
nine and until their successors shall be elected as
hereinafter provided for, and such of them as shall
be present at their first meeting shall proceed to or-
ganise the company by electing a President and
Secretary thereof.

Directors ap-
pointed.

SEC. 6. And be it enacted, That the stockhold-
ers composing this company or other representa-
tives by proxy, shall on the first Monday in Feb-
ruary in eighteen hundred and fifty-nine, and in
each and every year thereafter, choose by ballot
from among the stockholders, twelve directors to
serve for one year, each stockholder to be entitled
to one vote for every five shares of stock, not ex-
ceeding fifty shares, one vote for every ten shares
exceeding fifty, but no person or body politic shall
have in any instance more than twenty votes; the
directors so chosen shall serve until the first Mon-
day in February next succeeding their election and
until others are chosen; at their first meeting after
every annual election they shall choose by ballot
a President either from amongst their own body,
or from among the other stockholders; and in case
of the death, resignation or disqualification of the
President or a director, the directors shall proceed
to elect another to fill such vacancy, for the remain-
der of the year.

Directors —
how elected.

SEC. 7. And be it enacted, That should it so
happen from any cause whatsoever, that the an-
nual election of directors should not take place in
any one year, on the day hereinbefore mentioned
for this purpose, this company shall not for that
reason be dissolved, but such election may lawful-
ly be held on such convenient day thereafter, as
may for that purpose be fixed by the President and
directors, they causing ten days notice thereof to

Failure to
elect at proper
time not to dis-
solve company.