552
LAWS OF MARYLAND.
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laws shall not be contrary to any law of the United
States
or of this State.
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Dividends.
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SEC. 7. And be it enacted,
That the president and
directors shall from time to time, declare and pay to the
stockholders dividends of so much of the profits realized
by the said company, as they shall deem expedient,
after reserving such sum as they shall decide to be reasonable
to meet the expenses of repairs, or the purchase
of any articles necessary for the use of the said company;
and semi-annually, and also at the paying of each dividend
of profits, a general statement of the affairs of the
company shall be prepared by the directors and kept
open for the inspection of stockholders, for the space of
ten days after the same shall have been presented to
them.
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In force.
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SEC. 8. And be it enacted,
That this act shall take
effect from its passage, and continue in force until altered
or repealed by the General Assembly.
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Banking forbid.
Reservation.
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SEC. 9. And be it enacted,
That nothing herein
contained shall be construed to give to the said company
banking privileges; and the Legislature reserves
the right at all times to alter or repeal the charter hereby
created.
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Passed May
26, 1853.
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CHAPTER 379.
AN ACT to amend an act entitled, an act to incorporate
the Mutual Insurance Company of Washington
county, passed at December session, eighteen
hundred and forty-five, chapter thirty-seven.
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Persons entitled
to one-third
of their
premium
notes.
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SECTION 1. Be it enacted
by the General Assembly
of Maryland, That on the first day of October in the
year eighteen hundred and fifty-three, or as soon thereafter
as the surplus profits of the Mutual Insurance
Company of Washington county, shall exceed the
sum of nine thousand dollars, all persons and incorporations,
their executors, administrators or assigns, holding
policies of insurance, that have been insured by said
company for the full term of seven years, and on them
insured by said company, shall be entitled to and receive
a credit for one-third of their premium notes
secured by judgment or otherwise or a return of one-third
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