THOMAS H. HICKS, ESQUIRE, GOVERNOR.

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SEC. 2. And be it enacted, That the first named
eleven persons shall be the directors of said com-
pany until the first Monday in January next en-
suing the organization of said company, at which
time, and annually thereafter, eleven directors
shall be elected to manage the affairs of said
company, and each member having property in-
sured to the amount of one hundred dollars shall
be entitled to one vote, and notice of every such
election shall be given in at least one newspaper
published in Somerset and one in Worcester coun-
ties, three successive weeks before such election
shall be held, and the persons herein named as
directors after the organization of the company,
shall prepare a constitution or by-laws, as they
may think best, to be submitted to the members
for adoption at the first general election of di-
rectors.

Directors.

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

Officers to be
elected.

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 upon all applica-
tions for the same, to prescribe the form and
amount of premium notes, according to the
nature and greater or less hazard of the property
insured.

Powers, &c.,
vested in Board
of Directors.

SEC. 5. And be it enacted, That all promissory
notes of hand or other evidences of debt held by
the said company, which shall have been given
thereto for premiums on insurance, or any part
or parts of said premiums, shall constitute and be
deemed a lien on any real estate which may be
insured in consideration or part consideration of
said notes or evidences of debt, which real estate
shall be held liable for the payment of such notes or
evidences of debt, either wholly or in part, at such
time or times as the president and directors shall de-

Notes or other
evidences of
debt to be a lien
on real estate.