LAWS OF MARYLAND.

75

ors to serve for one year, and until the next election; the ballots
shall be received and counted by such two or more judges of the
election, as shall have been appointed by the board of directors,
and the seven members who shall receive the greatest number of
votes shall be declared duly elected; notice of the time and place
of holding such election shall be given in such manner as the by-
Inws of the company shall provide; and if from any cause an elec-
tion of directors shall not take place on the day appointed, an elec-
tion may be held on such subsequent day as the directors then in
office shall appoint, and notify as aforesaid, or at such time as the
by-laws of the company shall provide.

Dec. Ses. 1824

5. And be it enacted, That the directors hereby appointed, and
those which shall be elected as aforesaid from time to time, or a
majority of them, shall have power, and they are hereby author-
ized to appoint at their pleasure, and employ, and in their discre-
tion remove such agents, clerks and other persons as the affairs of
the company may require, and to fill all vacancies which shall be
caused in their own board by death, resignation, removal from the
city, or ceasing to become a member of the company, and in all
offices of their appointment in which vacancies may take place;
regulate from time to time the terms and conditions of insurance,
and the forms of policies and other documents, and to do and per-
form, or direct and authorize all such acts, make, revise and al-
ter, annul and re-enact all such by-laws as they may deem conve-
nient, useful or necessary, for exercising or carrying into effect all
the powers, rights and privileges granted to or vested in the Mutu-
al Insurance Company of Baltimore aforesaid, or in the directors
thereof by this act, and for the purposes therein mentioned; and in
general for the better managing and conducting the business and
promoting the interests of the said company, in as full and am-
ple a manner as any corporate body in this state may or can do.

Powers of
the directors.

6. And be it enacted, That a majority of the members when
present at any annual or other meeting of the said company shall
have power to alter, repeal and revise all or any of the by-laws
which shall be made by the directors, and to make others which
shall be binding on the directors, but subject to like repeal and re-
vision by the members at a like general meeting: Provided, that
such by-laws shall not be inconsistent with this charter, nor in con-
tradiction to any of the laws of this state, or of the United States.

Power of the
general meet-
ing.

7. And be it enacted, That every person who shall have any
house or other building, or any goods, chattels or effects, insured
in or by the said company, shall at or before the time of securing
his policy, pay to the treasurer or such person as he may authorize;
to receive the same, in addition to the charges and expenses es-
tablished by the by-laws, such sum as a deposit, as the said by-
laws, and the terms and conditions of insurance shall require,
which deposits shall constitute the fund out of which, or of the
interest accruing therefrom, if sufficient, all losses shall be paid,
and each member in addition to such deposit, shall be liable to pay
such further sum not exceeding the amount of his said deposit, as

Deposit an
other pay-
ments.

may be necessary to pay any loss that shall occur during the con-
tinuance of his policy, but no member in his individual capacity

Excepted
from individ-
ual liability.