PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 1259

CHAPTER 761.

AN ACT to repeal and re-enact with amendments Article 6 of
section 2 of Chapter 382 of the General Assembly of Mary-
land, passed at the January Session, 1892, entitled "An Act
to repeal Chapter 309 of the Acts of the General Assembly
of Maryland," passed at the January Session of 1886, entitled
"An Act to amend the charter of the Grangers Mutual Fire
Insurance Company of Frederick county, and to grant a new
charter to said company.

SECTION 1. Be it'enacted by the Genera], Assembly of Mary-
land,, That Article 6 of section 2 of Chapter 382 of the General
Assembly of Maryland, passed at the January Session of 1892,
entitled An Act to repeal Chapter 309 of the Acts of the Gen-
eral Assembly of Maryland, passed at the January Session,
1886, entitled An Act to amend the charter of the Grangers
"Mutual Fire Insurance Company of Frederick county, and to
grant a new charter to said company, be and the same is hereby
repealed and re-enacted with amendments so as to read as fol-
lows:

The board of directors shall have power to regulate the time
and duration of all its policies, the rate of insurance and the
amounts of the premium notes to be taken, to fix the amount of
annual interest on the premium notes (not exceeding six per
cent.) and assessments thereon, out of which to pay the losses
and expenses incurred during the preceding year, and to create
and. maintain a surplus fund of such amount as the board of
directors may deem expedient, not exceeding fifty thousand
dollars, and to execute the various provisions of this charter,
and to do all things necessary for the well being and good man-
agement of the affairs of said company consistent with the laws
of this State, provided that nothing herein contained shall affect
any former member whose annual interest is unpaid, provided
that nothing in this act shall be construed as relieving the
Grangers Mutual Fire Insurance Company of Frederick County
from the general insurance laws of the State of Maryland.

SEC. 2. And be it further enacted, That this act shall take
effect from the date of its passage.

Approved April 15, 1912.