134

LAWS OF MARYLAND,

such notes or evidences of debt : and such real
estate shall only be relieved from such liability or
lien thereon, on the full payment of such notes or
evidences of debt, or such part thereof as may be
demanded by the President and Directors of the
Company, and the cancelling of the insurance or

Premiums.

insurances for which they were given as premiums,
under such regulations as the President and Di-
rectors may establish ; and in case of refusal or
neglect to pay such notes or evidences of debt,
either wholly or in part, whenever and as often as
may be demanded by the President and Directors
of the Company, the said President and Directors
may proceed to collect the same or any part there-
of, in the same manner as in the foreclosure of a
mortgage on real estate, the said notes or evi-
dences of debt to be held and deemed as a mort-
gage on such real estate.

Directors.

Sec. 5. And be it enacted, That M. Bannon, E.
G. Kilbourn, Owen Cecil, Dr. E. J. Henkle, Dr.
Thomas W. Hammond, James Bruce, William B.
Bond, Wifliam B. Dorsey and Hammond Dorsey,
are hereby created Directors of the said Mutual
Fire Insurance Company in Anne Arundel County
until their successors shall be elected as herein-
after provided for, and such of them as shall be
present at the first meeting shall proceed to orga-
nize the Company by electing a President and

Constitution
and by-laws.

Secretary thereof, and as soon thereafter as practi-
cable adopt a form of Constitution and by-laws,
to provide the necessary books and otherwise pre-
pare the Company for the transaction of business,
and when so prepared to exercise a general super-
intendence of the affairs of the Company, and the
Board of Directors above named and any other
Board of Directors that may be hereafter elected,
as hereafter provided for, shall have authority to
allow any officer or officers in the employ of the
Company such salaries, fees or compensation as
they may deem proper, and all officers of the
Company other than Directors, shall be appointed
annually by such Directors as shall be present at
the first meeting of the Board after the annual
election of Directors, and in case of any vacancy
or vacancies occurring in the Board of Directors
at any time or times from any cause whatever,