THOMAS H. HICKS, ESQUIRE, GOVERNOR.

419

days at least prior to said meeting, and in case of
a failure to elect Directors at any meeting, the
name may be adjourned from time to time until
such election shall he effected or completed.

SEC. 5. And be it enacted, That the said Di-
rectors shall continue in office until the next
annual meeting after their election, and until a
new election shall he made, and they shall have
power to fill any vacancy in the Board which
may happen by death or otherwise until the next
annual election of directors; they shall fix and
determine the rate of premium on all policies of
insurance that the company shall issue, and the
terms and manner of payment thereof, of both
life and fire Insurance; and may adopt such by-
laws and other rules and regulations for discharg-
ing the various functions and conducting and
transacting the business and affairs of the com-
pany, as they shall deem useful, and exercise all
corporate powers of said company not inconsis-
tent with other provisions of this act.

Directors to
have power
and authority.

SEC. 6. And be it enacted, That the Directors
shall have power to choose a President, vice Pre-
sident, Secretary and Clerk and such other officers
and agents as they may deem necessary for the
prosecution of the business of the company, who
may or may not be members of the board of
directors; they shall prescribe the term of office,
the compensation and duties of said officers and
agents, and take such security from them as they
may think proper for the faithful dischargee
of their respective duties; and the said directors
shall at all time superintend the affairs and man-
age the funds, property and estate of said Com-
pany; and five of them shall constitute a quorum
for the transaction of business; they may loan
the funds of the company upon mortgage of un-
incumbered real estate worth at the time at least
twice the amount loaned thereon, and upon stocks
worth at the time of loaning at least one fourth
more than the sum loaned thereon, and not other-
wise, and they may call in and reinvest the same
at pleasure, subject to the restrictions aforesaid,
but in no case shall it be lawful for them to loan
any sum of money to any director or other officer
of said company upon any security whatever.

Directors au-
thorised to ap-
point officers.