92

LAWS OF MARYLAND.

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

Competent
transact busi-
ness.

SEC. 6. And be it enacted, That so soon as five
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, but shall not take any single
risk over or above the one-tenth of the capital ac-
tually paid in.

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 faith-
fully, diligently, impartially and honestly, fulfill
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
allowed to be a Director in this, and should any
Director of this Company be elected a Director
of any other Fire Insurance Company, his accep-
tance of that appointment shall on that account
disqualify him from continuing a Director of this
Company, and the stockholders of this Company
shall proceed to fill up the vacancy as hereinaf-
ter provided.

Meeting to be
held within 30
days.

SEC. 9. And be it enacted, That the stockhold-
ers composing this association, or their repre-
sentatives by proxy, shall hold a meeting for the
first election of Directors within thirty days after
the aforesaid amount of five thousand shares of
stock shall be subscribed for, and on the first
Monday in January, in each and every year there-
after, and choose by ballot from among the stock-
holders, twelve Directors to serve for one year,
each stockholder shall be entitled to one vote for
every five shares of stock, not exceeding fifty
shares; one vote for every ten shares exceeding
fifty, but no person or body politic, shall have in
any instance more than twenty votes; the Direc-
tors so chosen shall serve until the first Monday
in January following such election, and until
others be chosen, and no longer; at their first
meeting after every election, they shall choose by