PRIVATE ACTS — CHARTERS. 59

SEC. 3. And be it enacted, That in lieu of the method for the divi-
sion of profits set forth in section fifteen of the act of incorporation
aforesaid, the President and Directors shall have power to make a divi-
dend in cash to the holders of the policies of the Company, that shall

have terminated without loss, to an amount not exceeding ten percentum

of the premium paid on said policies; and not oftener than semi-annually,

a dividend in cash to the holders of the certificates of the capital stock,

out of the ascertained net profits of the Company; provided, that no
such dividend shall be made when the assets of the Company shall not
be sufficient to maintain unimpaired the capital stock of the Company
and to re-insure its outstanding risks.

SEC. 4. And be it enacted, That this act shall take effect from and
after its passage.

MUTUAL FIRE INSURANCE COMPANY OF BALTIMORE COUNTY.

AN ACT to amend the charter of the Mutual Fire Insurance Company of Baltimore

county.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That section one of the act amendatory of the act to incorporate the
Mutual Fire Insurance Company of Baltimore county, passed at Janu-
ary session, eighteen hundred and fifty-four, chapter one hundred and
twenty-eight, and the first, third and fourth sections of the act amenda-
tory of the act to incorporate the Mutual Fire Insurance Company of
Baltimore county, passed January session, eighteen hundred and sixty,
chapter one hundred and seventy, be and the same are hereby repealed,
and that in lieu thereof the following are hereby substituted:

SEC. 2. And be it enacted, That any person or persons making ap-
plication for insurance on personal property in this company, upon the
application being granted or approved, shall give his, her or their note
for the premium, and pay annually, in advance, the interest on said note
or notes, as set forth in the by-laws of the company; and said note or
evidence of debt, so given, shall be a lien on the personalty insured;
said lien having priority and force from the time of granting such ap-
plication, against all persons except bona fide purchasers, mortgagees
and judgment or execution creditors, without notice, and should the ap-
plicant be the owner of the real estate upon which the personalty in-
sured is situated, the said note, or evidence of debt, shall also be a lien
upon whatever legal or equitable interest the party insured may have
therein; and all the rights and privileges conferred on said Mutual Fire
Insurance Company of Baltimore county, by the fourth section of the
original charter of said company, passed December session, eighteen
hundred and forty-nine, chapter two hundred and thirteen, for enforcing
the liens therein authorized, are hereby extended to and made to apply
to the liens herein authorized, if default shall be made, by the party in-
sured, in paying the sundry notes or evidence of debt or any part there-
of, when required by the said corporation.