CHAPTER 222. •

AN ACT to amend an Act to incorporate the
Mutual Insurance Company of Allegany county,
passed at December session, eighteen hundred
and forty-seven, chapter one hundred and eleven,
and the supplement thereto, passed at December
session, eighteen hundred and forty-nine, chap-
ter three hundred and eighty-five, and the Act
amendatory thereof,, passed at January session,
eighteen hundred and sixty, chapter three hun-
dred and nine.

Passed Mar.
6, 1867.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That when the person or persons
insured shall have sold the property covered by the
policies of this company such policies may be
transferred to the purchasers, and the original
premium, notes or judgments be returned and
satisfied and cash advanced as premium returned;

Transfer of
policies.

provided, no losses shall have been incurred by the
Company so as to require an assessment upon his,
her or their premium note, judgment or cash ad-
vance as premium for the payment of the same;
and provided, such purchaser or purchasers shall
execute his note or confess judgment) or advance
in cash the amount of premium required and com-
ply with all the conditions imposed upon the
original parties insured; and any person insuring
may at any time have his policies cancelled, his
premium note returned or judgment entered; satis-
fied or cash advance, a premium returned, deduct-
ing from said note, judgment or cash any assess-
ment that may be made upon the same by the
Board of Directors for the satisfaction of losses
sustained by the company for any specified time,
and such person so withdrawing shall be entitled
to one-half of the interest paid by him, her or them
as premium; provided, the surplus then on hand
and invested is equal to the whole amount of in-
terest paid in by the then stockholders; if greater
or less than one-half of the interest paid in by him,
her or them pro-rata as the then surplus is to the
whole amount paid in by the then stockholders.
54

Provisos.