614 LAWS OF MARYLAND.

personal and mixed, as may he deemed necessary
for the use or accommodation of the business of
the Company; provided, all real estate that may
be mortgaged to it for security, or taken oil execu-
tion on any judgment, or devise for loans, or other
debts due to said Company, shall be sold or pub-
licly offered for sale within four years after the
title of the Company to the same shall become ab-
solute.

Application.

Sec. 2. And be it enacted, That as socn as ap-
plication for insurance shall be made to said cor-
porations, or either of them, to the amount of one
hundred thousand dollars, in sums not exceeding
five thousand dollars upon any one risk, they or
any two of them may call a meeting, and the said
John E. Cox, William H. Trego, Jacob H. Tay-
for, Thomas F. Troxel, John C. Bridges, P. For-
ney Spear, Samuel H. Geisey, John I. Abrahams,
George H. Berry, James G. Ramsey, Oliver A.

Organize.

Parker, James Rogers, jr., are hereby created Di-
rectors in the said Howard Mutual Life Insurance
and Trust Company, of Baltimore, until the first
Monday in April, eighteen hundred and seventy,
and until their successors shall be elected, as here-
inafter provided for, and such of them as shall be

Officers.

present at their meeting shall proceed to organize
the Company by electing a President, a Vice Presi-
dent and Secretary thereof.

Policies signed
by.

Sec. 3. And be it enacted, That this Company
may issue policies of insurance in all the various
forms of life risks, and all policies shall be signed
by the President or Vice President, and counter-
signed by the Secretary, and the same shall bind
the Company upon delivery and payment of the
premiums chargeable thereon, to the satisfaction
of the President and Directors; and, according to
the rules and regulations of the same, and upon
the death of any person upon whose life this Com-
pany shall have issued a policy of insurance, the

When payable

sum insured shall become due and payable in
ninety days from the time the same shall be proved
and established according to the terms of said
policy, and the said Company may cause them-
selves to be re-insured against the continued hazard
of any risk assumed by them.