316

LAWS OF MARYLAND.

always to give sixty days notice thereof, in the
daily papers of the city of Baltimore.

Competent to
transact busi-
ness.

SEC. 6. And be it enacted, That so soon as
three thousand shares are subscribed for, and paid
or secured to be paid, this Company shall be com-
petent to transact all kinds of business for which
it is established.

Management.

SEC. 7. And be it enacted, That the affairs of
this Company, shall be managed by a president
and a board of twelve directors, all of whom shall
be stockholders, who previous to entering on the
duties of their respective offices, shall take the
following oath or affirmation; "I, A. B., in due
form of law do swear (or affirm,) that I will
faithfully, diligently, impartially and honestly,
fulfil the duties of my office of ( ——— ,) to the
best of my knowledge and ability.

Qualification
of Directors.

SEC. 8. And be it enacted, That no director of
any other Fire Insurance Company, shall be al-
lowed to be a director in this, and should any di-
rector of this Company, be elected a director of
any other Fire Insurance Company, his accept-
ance of that appointment shall, on that account,
disqualify him from continuing a director in this
Company, and the stockholders of this Company,
shall proceed to fill up the vacancy as is herein-
after provided.

Directors to
be elected.

SEC. 9. And be it enacted, That the stockhold-
ers composing this Association, or their represen-
tatives by proxy, shall hold a meeting for the first
election of directors, within thirty days after the
aforesaid amount of three thousand shares of stock
shall be subscribed for, and on the first Wednes-
day of January, in each and every year thereafter,
and choose by ballot from among the stockholders
twelve directors; each stockholder shall be enti-
tled to one vote for every two shares of stock, not
exceeding thirty shares, one vote for every ten
shares exceeding thirty, but no person or body
politic, shall have in any instance more than
twenty votes; the directors so chosen shall serve
until the first Wednesday in January, following,
after the date of their election and until a new
election is made; at their first meeting after elec-
tion, they shall choose by ballot a president,
either from amongst their own body, or from the
other stockholders; and in case of the death, re-