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LAWS OF MARYLAND.

Failure to pay
forfeits.

every person so notified, or his or her representa-
tives, shall pay the sum so assessed to the Com-
pany within ninety days thereafter, and in default
thereof shall forfeit all right and claim in and to
any policy of insurance which he or she may have
obtained, and which said delinquency shall attach
and the same shall thereby be annulled, and he or
she shall cease to be a member of the Company,
but shall remain liable for the amount of said as-
sessment that shall be levied as above provided,
with lawful interest then unpaid, and the same
may be recovered with costs before any court of
competent jurisdiction.

Annual meet-
ing.

Sec. 14. And be it enacted, That at the annual
meeting after the organization of said Company,
or within one month after said day, and annually
thereafter, the President and Directors shall cause
an estimate to be made of the true state of all the
affairs of said Company as near as practicable, and
of their operations for the year preceding, which
shall be conclusive and binding on the parties en-
titled to receive certificates as hereinafter provided,
and shall thereupon cause a balance to be struck
of the accounts of said Company, in which they
shall charge each thereof with a rateable share of
the losses and expenses of said Company, accord-
ing to the amount of premiums paid by each mem-
ber, but in no case to exceed the amount of pre-
miums (paid by each member,) and the said Pres-
ident and Directors, at their discretion, may re-
serve from the receipts of each year a reasonable

Members cred-
ited with net
profits.

amount for insurance from risks or loss on policies
outstanding, and each member of said Company
shall thereupon be credited with his or her pro-
portion of the net profits derived from the invest-
ments of the Company and the premiums earned,
and shall be entitled to a certificate of such amount
transferable only on the books of the Company,
and containing a condition that the same shall be
subject to any future losses of the Company; but
no person entitled to a certificate as aforesaid shall
be answerable by reason thereof or of anything
contained therein, except for the payment of the

Liable only
for premiums.

premiums and notes, or other obligations given for
premiums, no certificates, however, shall be issued
for a less sum than one dollar, nor claimed within
two years from the date of the dividend whereof it