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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 1848   View pdf image (33K)
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1848 ARTICLE 48A.

1922, ch. 492, sec. 112.

115. Public or Private Corporations as Members. Any political sub-
division of this state, or other public or private corporation, board, associa-
tion, estate or person, in this state or elsewhere, may make applications,
enter into agreements for and hold policies in any such mutual insurance
company. Any officer, stockholder, trustee or legal representative of any
such political sub-division, corporation, board, association, estate or person,
may be recognized as acting for or in its behalf for the purpose of such
membership, but shall not be personally liable upon such contract of insur-
ance by reason of acting in such representative capacity. The right of any
such political sub-division, or other corporation organized under the laws
of this state, to participate as a member of any such mutual insurance
company is hereby declared to be incidental to the purpose for which such
political sub-division or other corporation is organized, and as much granted
as the rights and powers expressly conferred.

1922, ch. 492, sec. 113.

116. Membership Voting. Except as otherwise provided, the policy-
holder shall be a member of the company while the policy is in force. Every
member of the company shall be entitled to one vote, or to such a number
of votes based upon the insurance in force, the number of policies held,
or the amount of premium paid, as may be provided in the by-laws. Under
any employer's group policy, the employer only shall be a member of the
company and entitled to vote as such member at the meeting of the company.

1922, ch. 492, sec. 114.

117. Premiums. The maximum premium, or premium deposit payable
by any member shall be expressed in the policy or in the application for
the insurance. Such maximum premium, or premium deposit, may be a
cash premium and an additional contingent premium not less than the
cash premium, or may be solely a cash premium with no contingent
premium or liability to assessment in any event. No policy shall be issued
for a cash premium without an additional contingent premium unless the
company has a surplus which is not less in amount than the capital stock
and surplus required of domestic stock companies transacting the same
kinds of insurance.

1922, ch. 492, sec. 115.

118. Investments and Deposits. All investments and deposits of the
funds of any such company shall be made in its corporate name, and no
director or other officer thereof, and no member of a committee having any
authority in the investment or disposition of its funds, shall accept or be
the beneficiary of, either directly or remotely, any fee, brokerage, com-
mission, gift or other consideration for or on account of any loan, deposit,
purchase, sale, payment or exchange made by or in behalf of such company,
or be pecuniarily interested in any such purchase, sale, or loan, either as
borrower, principal, co-principal, agent or beneficiary, except that if a
policyholder, he shall be entitled to all benefits accruing under the terms


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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 1848   View pdf image (33K)
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