418

LAWS OF MARYLAND.

corporators or either of them to the amount of
one hundred thousand dollars, in sums not ex-
ceeding five thousand dollars upon any one risk,
they or any two of them may call the first meet-
ing of said company by giving notice of time and
place of holding the same, in any two newspapers
printed in Baltimore, fifteen days at least prior
to said meeting, and it shall be lawful for the said
corporators and their associates then and there to
choose by ballot a board of ten Directors, who
shall be members of said company, and continue
in office until others shall be chosen as hereafter
provided.

Who are to be
deemed mem-
bers of the com-
pany.

SEC. 3. And be it enacted, That every person
whose life shall be insured in this company for
the benefit of his or her family, or who shall pro-
cure a policy of insurance on his or her own life
or on the life of another, for his or her own use or
benefit, according to the provisions of this act,
shall be deemed a member thereof during the
period of such Insurance and until said policy
shall be paid, cancelled or surrendered according
to the terms of this act, and the by-laws of the
company, and no longer; any member may vote
by proxy if the same be given directly to the

Provisos.

persons producing it at any meeting; Provided,
nevertheless that no member shall vote at the
annual meeting of the company by virtue of any
policy issued for a less period than the term of
life; also every person who shall procure a
policy of Insurance in this company against loss
or damages by fire to the amount of ten hundred
dollars tor more than one year, shall be consider-
ed a member and entitled to all the privileges
contained in this section.

Directors to
be elected.

SEC. 4. And be it enacted, That the annual
meeting of the said company shall be held on the
first day of July in each year, or within one
month after, in each year, at Baltimore city, or in
any other place as the directors may deem more
convenient to a majority of the members, at which
the Board of Directors shall be chosen by ballot,
and public notice shall be given of such meeting
by the Secretary in two or more newspapers print-
ed in Baltimore, and in one or more papers printed
in such other place as may at any time be desig-
nated as aforesaid for holding the same, fifteen