356

LAWS OF MARYLAND.

Value assets.

ation of the assets and liabilities of the company
shall be made, and, after providing for all out-
standing liabilities, twenty per centum of the sur-
plus or net profits of the preceding year shall be
Bet apart as a reserve fund, and invested separately
from the other assets of the company, the income

Reserve fund.

accruing from such reserve fund to be divided
among the holders of guarantee capital stock, the
balance of the surplus or net profits of each year to
he divided amongst policy holders in equitable
manner, as the Board of Directors shall deem best.

Non-forfeita-
Me.

Sec. 14. And be it enacted , That all policies issued
by the said company shall be non-forfeitable after
payment of the first premium, and shall have their
cash surrender value endorsed upon them.

Purchase poli-
cy.

Sec. 15. And be it enacted, That the said company
may purchase, for its own benefit, any policy
of insurance or other obligation of the said com-
pany growing out of its business, and also any
claims arising out of dividends or profits, but no
officer, director or agent of the company shall be
directly or indirectly interested in such purchase.

Married wo-
man may in-
sure,

Sec. 16. And be it enacted, That it shall be law-
ful for any married woman, by herself and in her
name, or in the name of a third person with his
assent as her trustee, to cause to be insured in said
company, for her sole use, the Hie of her husband,
for any definite period, or for the term of his nat-
ural life, and in case of her surviving her husband
the sum or net amount of the insurance becoming
due and payable by the terms of the insurance,

When payable

shall be payable to her and for her sole use, free
from, the claims of the representative of her said
husband or of any of his creditors; in case of the
decease of the wife before her husband, the amount
ot insurance due at his death shall pass to the chil-
dren of said wife so insuring for their use.

In force.

Sec. 17. And be it enacted, That this Act shall
take effect from and after its passage, but may be

Amend.

altered, amended or repealed by the Legislature of
Maryland at its pleasure.

Approved April 4, 1870,