840

LAWS OF MARYLAND.

per annum, or an endowment policy or policies
paying a like premium, or shall be entitled to an
annuity of not less than one hundred dollars per
annum.

Quorum.

Sec. 8. And be it enacted, That five Directors
shall constitute a quorum for the transaction of
business, but a less number may adjourn from time
to time until a quorum is present.

Rates of pre-
mium.

Sec. 9. And be it enacted, That the Board of Di-
rectors of said Company shall have power to deter-
mine the rates of premium for insurance, and the
amount that may be insured on any one life, and
shall also have power to make such by-laws, rules
and regulations as they may deem suitable and
necessary to promote the interest of said Company,
not inconsistent with the provisions of this charter,
and the same to alter and amend, repeal or add to
at pleasure; provided, however, that no by-laws
shall be altered or repealed, nor shall any new
by-laws be adopted except by a vote of a majority
of the whole Board of Directors.

Married
women may
insure.

Sec, 10. And be it enacted, That any married
woman, by herself and in her name, or in the name
of any other person, with his assent, as her trus-
tee, may insure in said Company for sole use the
life of her husband for any definite period, or for
the term of his natural life, and in case she shall
survive her husband, the sum or net amount of
the insurance becoming due, and payable by the
terms of the insurance, shall be payable to her,
and for her own use, free from the claims of the
representatives of her husband or any of his credi-
tors, and in case of the death of the wife before
the decease of the husband, the amount of the in-
surance may be made payable after death to her
children for their use, aud to their guardian, if
under age.

Guarantee
capital.

Sec. 11. And be it enacted, That there shall he a
guarantee capital of at leaat one hundred thousand
dollars, to be divided into shares of twenty dollars
each, which shall be personal property, transfera-
ble on the books of the Company, in conformity
with its by-laws; that the said guarantee capital
stock shall be invested in the securities of the United
States, the State of Maryland, or of the city of
Baltimore, either one or all of said securities, and