462

LAWS OF MARYLAND.

Proviso

ceding year, and the net profits ; provided however,
that if the said Board of Directors shall comply with

any General Law of the General Assembly of Mary-

land, regulating the annual statement of Insurance

Companies in this State ; such compliance shall be

deemed an execution of the requirements of this sec-

tion.

10. The Board of Directors may divide the net

Divide the net
profits.

profits of said Company among the members thereof,
rateably in proportion to the respective amounts paid

in as interest on the premium notes, and interest ac-

crued upon cash advanced in lieu of premiums; or the

same directors may apply the said net profits to the

accumulation of capital as in their discretion may

seem most conducive to the interest of the company;

provided, that no dividend shall be made except of

the net profits, exceeding the sum of fifty thousand

dollars ; and provided, that no member of said company

Proviso.

shall be entitled to any dividend of the net profits on

any money paid in as interest on premium notes, or

as interest accrued on any cash advanced in lieu of

premium note, or otherwise unless said premium

note has been executed to, or said cash deposited

with said company for the period of seven years be-

fore such dividend is declared ; and provided further,

that no dividend shall be declared, except of the net

profits exhibiting by the last annual statement, (the

publication of which is provided for in the preceding

section), as having accrued during the year which is

covered by said statement.

In force

SEC. 3. And be it enacted, That this act shall take

effect from the date of its passage.

Approved April 11th, 1874.