782

LAWS OF MARYLAND.

Term of years

Sec. 8. And be it enacted, That the sixth section
of said Act of eighteen hundred and fifty-three,
Chapter three hundred and seventy-nine, be and
the same is hereby amended so as to read as fol-
lows : The said Company shall have power to in-
sure and issue policies of insurance to persons or
corporations not becoming members of said Com-
pany for one year, or any greater or less term for
such premiums to be paid in cash, as may be
agreed upon between the said Company and the
party insuring.

Repealed.

Sec. 9. And be it enacted, That the first section
of the said Act of eighteen hundred and sixty-six,
Chapter ninety-five, be and the same is hereby re-
pealed.

Net profits.

Sec. 10. And be it enacted, That the fourth sec-
tion of said Act of eighteen hundred and fifty-
three, Chapter three hundred and seventy-nine, be
and the same is hereby repealed, and re-enacted so
as to read as follows: The Board of Directors
may divine the net profits of said Company among
the members thereof, ratably, in proportion to the
respective amounts paid in as interest on premium
notes, and interest accrued upon cash advanced in
lieu of premiums, or said Directors may apply said
net profits to the accumulation of capital, as in
their discretion may seem most conducive to the
interests of said Company; provided, that no
dividend shall be made, except of the net profits,
exceeding the sum of fifty thousand dollars; and

No dividend
unless paid up

provided, that no member of said Company
shall be entitled to any dividend of net profits
on any money paid in as interest on premium
note, or as interest accrued on any cash advanced
in lieu of premium note, unless said premium
note has been executed to, or said cash has
been deposited with, said Company for the period
before such dividend is declared; and provided fur-
ther, that no dividend shall be declared except of
the net profits exhibited by the last annual state-
ment, (the publication of which is provided for in
section fifteen of said Act of eighteen hundred and
fifty-three, Chapter thirty-seven,) as having ac-
crued during the year which is covered by said
statement.