PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

land, but nothing in this act contained shall be so con-
strued as to authorise this corporation to hold or possess
real estate exceeding in value the sum of thirty thou-
sand dollars.

CHAP. 214.

SEC. 7. And be it enacted, That the directors of said
corporation are hereby required to present annually on
the first Monday of June, a true statement of the affairs
of said company, and shall after the payment of all
losses and expenses of the preceding year and provid-
ing for outstanding risks, set apart from said profits and
divide among the stockholders a sum not exceeding an
interest of six per centum per annum upon the amount
actually paid in on the stock severally held by them.

Dividends—
when to be de-
clared.

SEC. 8. And be it enacted, That after providing for
risks, losses, incidental expenses and dividends, the di-
rectors of said company shall apply one-half of the re-
maining profits towards the payment of the capital
stock which shall have been subscribed for before the
making of the aforesaid annual statement, and the other
half of said remaining profits may be divided among the
stockholders and the insured.

Disposition of
profits, after
payment of di-
vidends.

SEC. 9. And be it enacted, That all dividends re-
maining unpaid more than one year after the same shall
have been declared, shall be advertised for three succes-
sive weeks in at least two daily newspapers published
in the city of Baltimore, the amount of such dividends,
and the names of the persons entitled thereto, to be stat-
ed in said advertisements.

Dividends re-
maining more
than a year un-
paid to be ad-
vertised.

SEC. 10. And be it enacted, That this corporation
shall have power to make a constitution and bye-laws
for their government, and to alter or amend the same at
pleasure; provided, that said constitution and bye-laws
shall not at any time be inconsistent with or repugnant
to the constitution and laws of the United States, of the
State of Maryland, or of the provisions of this act.

May make

bye-laws.

Proviso.

SEC. 11. And be it enacted, That nothing in this act
contained shall be so construed as to authorise the said
corporation to issue any note, token, scrip, device or

other evidence of debt to be used as a currency.

Banking for-
bid.

SEC. 12. And be it enacted, That this act of incorpo-
ration shall enure tor thirty years from the date of its
passage, but that the legislature reserves to itself the
right to alter or annul this act at pleasure.

In force.

Reservation.