LAWS OF MARYLAND. [Ch. 841]

company and do all things necessary for the well-being and
good management of the affairs of the company not inconsist-
ent with the laws of this State.

SEC. 14. The board of directors shall have power to employ
all officers and agents that may be necessary for the conduct
of the business of the company, and to pass all necessary by-
laws, provided such by-laws be subject to repeal, alteration or
amendment by the members of said company at a general meet-
ing of the members convened according to the provisions of
the charter.

SEC. 15. All policies of insurance in force at the death of
any member of the company shall be held for the benefit of
the estate, the heirs or representatives of such member, and
shall be continued in force so long as the cash premium of
said insurance is paid thereon, unless such heirs or repre-
sentatives shall voluntarily surrender the policy for a new
policy.

SEC. 16. Mortgagees and other owners of limited interests in
real and personal property shall have the right to insure their
interests; guardians and trustees shall have the right to insure
the real and personal property of their wards and cestuis que
trustent in the company, subject to the rules and regulations of
its charter and by-laws.

SEC. 17. Nothing in this act shall be construed to impair
the obligation of any contract previously entered into by said
company, nor in any wise affect any policy subsisting at the
time of the passage of this act or its acceptance by said com-
pany, nor shall it affect any subsisting rights of said company,
or impair the right of said company to maintain its present
surplus and add thereto if the amounts received as cash pre-
miums shall exceed the amount required to pay losses and
expenses for any year; but if the amounts received as the cash
premiums for maintaining the insurance should not be sufficient
at any time to pay losses and expenses the deficiency shall be
taken from the surplus, and no extra assessment shall be made
upon any policy or policy holder until the available funds
from the surplus shall first be exhausted.

SEC. 18. This act shall be submitted to the members of
said company at the annual meeting thereof to be held on
the first Monday in May, 1912, after giving at least two weeks'
previous notice in one or more newspapers published in Fred-
erick county and such other counties in the State in which
the company shall have property insured, and if a majority
of the members present at said meeting shall give their con-