470
LAWS OF MARYLAND.
Provisoes.
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of the said company shall be declared, and distributed
among the members in proportion to the amount
and duration of their policies; Provided, no dividend
shall be declared until the net profits exceed twenty-five
thousand dollars, and the first dividend only to be
made of the profits exceeding this sum; and in case
the net profits exceed the sum of twenty-five thousand
dollars, the person holding a policy, or his executors,
administrators or assigns, may renew the same for seven
years thereafter, by executing his note, or confessing a
judgment as aforesaid, for one-half of the original premium,
and every seven years thereafter shall be entitled
to a similar reduction, until the whole premium shall
be extinguished, at which period his, her, or their property
shall be insured, without premium, interest or
expense, as long as this charter shall endure; Provided
always, that before any such reduction of premium, or
interest thereon, shall be made at several septennial
distribution of profits after the first distribution, the sum
of ten thousand dollars of the net profits shall be added
to the first sum of twenty-five thousand, to constitute
an active capital to meet losses.
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Investments.
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SEC. 15. 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
annually.
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SEC. 16. And be it enacted,
That on the last
Monday in December next succeeding the second
election of directors hereinbefore directed, and annually
thereafter, the directors shall publish, in one or more
newspapers published in Washington and Frederick
counties, a statement showing the amount of premium
notes, judgments and cash advanced, amount of loss
insured, expenses and net profits.
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Losses.
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SEC. 17. And be it enacted,
That no members 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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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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