THOMAS H. HICKS, ESQUIRE, GOVERNOR.

323

make and use a common seal, and the same to
break, alter and renew at pleasure.

SEC. 2. And Be it enacted, That the first named
ed ten persons shall be the directors of said com-
pany, until the first Monday of June eighteen
hundred and fifty-nine; at which time, and an-
nually thereafter, ten directors shall be elected to
manage the affairs of said company, and each
member having property insured to the amount
of one hundred dollars, shall be entitled to one
vote; and notice of every such election to be given
in one or more newspapers published in Queen
Anne's 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, organize the company, and
prepare a constitution and bye-laws, or either as
they may see best, to be submitted to the mem-
bers for adoption, before the first Monday in June,
eighteen hundred and fifty-nine.

Management.

SEC. 3. And be it enacted, That the officers of
this company, shall be a president, secretary,
treasurer and agent or agents, surveyor or sur-
veyors as may be necessary to carry this act into
effect, to be elected by the board of directors an-
nually, and whose duties, obligations and respon-
sibilities shall be such as may be designated in
the constitution and bye-laws.

Officers to be
appointed.

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 ap-
prove the bonds required from such officers, to
prescribe the form and penalty thereof, to fix the
rate of insurance and to decide on all applications
for the same, to prescribe the form and amount of
the premium notes, according to the nature and
. greater or less hazzard of the property insured :

Directors to
have power
and authority.

Provided, the same be not less than three per
centum, on the amount of the property insured ;
to order and direct all policies to be issued, which
policies shall be signed by the president and at-
tested by the secretary: Provided, no policy shall
be issued until persons holding property to the
amount of fifty thousand dollars of insurable pro-
perty, shall become members of this company ;
and such company is hereby vested with all pow-
ers requisite and proper to carry this act into

Provisos.