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358
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LAWS OF MARYLAND.
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cant be the owner of real estate, the said note or
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Liens enfor-
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evidence of debt shall also be a lien upon whatever
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ced.
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legal or equitable interest the party insured may
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have therein ; and all such liens may be enforced by
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the said company in the same manner that is pro-
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vided in section five of the aforesaid act of eighteen
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hundred and seventy, chapter two hundred and
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seventy-three, against either the personal or real es-
tate of the party insured, upon default being made
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by such party in paying the sundry notes or evi-
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dences of debt, or any part thereof, when required
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by the said corporation.
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SEC. B. And be it enacted, That the said Mutual
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Borrow mon-
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Fire Insurance Company of Anne Arundel and How-
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ey-
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ard counties be and it is hereby authorized and em-
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powered, whenever losses may occur making it neces-
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sary to assess the premium notes of its members, to
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borrow money for the payment of such losses, and to
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bind said company and the assets thereof (including
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the premium notes held by said company) for the
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payment of any money so borrowed, and to make
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Execute
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and execute such pledge, obligation or form of secur-
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pledge.
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ity as may be necessary therefor, whenever a majori-
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ty of the directors of said company shall deem it ex-
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pedient to do so; provided that no money shall be
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so borrowed except the same be authorized by the
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vote of a clear majority of the whole number of
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directors ; and provided further, that the money so
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borrowed shall at no one time exceed the sum of ten
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thousand dollars, nor be borrowed for a longer period
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than two years.
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SEC. C. And be it enacted, That the said com-
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pany shall have the same power to assess the pre-
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mium notes of its members, to make payment of
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Power to as-
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money borrowed for and applied to the adjusting
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sess
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and payment of the losses of the said company, as to
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assess for the said losses, and may enforce such assess-
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ments to the same extent.
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SEC. D. And le it enacted, That any obligation
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Signed and
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given by the said company for the payment of money
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attested.
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borrowed by it as aforesaid, shall be signed by the
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president and countersigned by the secretary, and
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attested by the seal of said company.
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