336
LAWS OF MARYLAND.
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been incurred, and such person so withdrawing, in
the
event of no loss being sustained by the company, shall
be entitled to one-half the interest paid by him, her or
them, and also to one-half of the interest on the cash
advanced as premium by him, her or them.
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Dividends.
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SEC. 13. And be it enacted,
That at the expiration
of seven years from the date of the first policy, or so
soon as the net profits shall exceed the sum of twenty-five
thousand dollars, a dividend of the net profits of
the company shall be declared and distributed amongst
the members in proportion to the amount, and duration
of their policies; and such dividends shall be made
from time to time in the discretion of the directors, and
no dividend shall be made at any time which shall reduce
the amount of net profits on hand below the sum
of twenty-five thousand dollars; but said sum shall
remain as an active capital to meet losses, and the same
may be increased in the discretion of the directors, by
withholding dividends of the surplus beyond said
amount.
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Investments.
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SEC. 14. And be it enacted,
That all investments of
interest, money or cash paid in advance as premium,
shall be made in such manner as the board of directors
may direct.
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Statement to
be published.
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SEC. 15. And be it enacted,
That the directors shall
annually publish in one or more newspapers published
in Somerset county, a statement showing the amount
of premium notes, judgments and cash advanced,
amount of losses incurred, expenses and net profits.
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Losses.
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SEC. 16. And be it enacted,
That no member of
this company shall be answerable for any losses which
may be sustained beyond the amount of his premium
note or judgment, or cash advanced by way of premium.
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Member competent
as witness.
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SEC. 17. And be it enacted,
That in the suit by or
against the said company, no member of the corporation,
shall, on that account, if he be not a party to such
suit or suits in his individual capacity, be incompetent
as a witness.
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General meeting.
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SEC. 18. And be it enacted,
That a general meeting
of the members of the company may be called in
such manner and after such notice as shall be prescribed
by the constitution or by-laws, at which general meeting
the constitution or by-laws may be repealed, changed
or altered.
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Banking forbid.
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SEC. 19. And be it enacted,
That nothing in this
act contained shall be so construed as to authorise the
said corporation to issue any note, token, scrip, device
or other evidence of debt to be used as currency.
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