554
LAWS OF MARYLAND.
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profits exceeding the sum of twenty thousand dollars;
And provided, further, that no member of said company
shall be entitled to any dividend of net profits,
whose property has been insured for less than seven
years.
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Policies may
be renewed.
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SEC. 5. And be it enacted,
That the policies in existence
at the time of the adoption of this act by the
said Mutual Insurance Company as hereinafter provided,
may be renewed for one year from the period at
which they would otherwise expire by the respective
persons therein insured, their executors, administrators
or assigns, paying the annual interest in advance upon
his, her or their premium notes, secured by judgment
or otherwise, or leaving his, her or their cash advanced
as premium to the said company undrawn as the case
may be, and that the said policies may be renewed annually
thereafter so long as the interest on the premium
notes secured by judgment or otherwise is paid in advance
or the cash advanced as premium to said company
remains undrawn, as the case may be, and the receipt of
interest signed by the secretary, shall be evidence of such
renewal and all policies issued after the adoption of this
act as aforesaid to persons or incorporations desiring to
become members of said company, shall be issued for
the term of one year, and in case the party insuring
shall have no real estate or shall have real estate,
and he, she or they be in such condition as to be
unable to give a judgment binding in law upon such
real estate, in that case the board of directors of said
company may take a note for the amount of premium
required, secured by mortgage or in such other manner
as the said board may deem most expedient and
safe, and such policies may be renewed annually and
the receipt of interest signed by the secretary shall be
evidence of such renewal.
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Power to issue
policies.
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SEC. 6. And be it enacted,
That the said company
shall have power to insure and issue policies of insurance
to persons or incorporations, not desiring to become
members of said company, for a term less than one
year, and for such premium, to be paid in cash as the
said company and the insured may agree.
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Amended.
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SEC. 7. And be it enacted,
That the words in eighth
section of the original act hereby amended, for a term
less than seven years, nor and for a term less than one
year, nor, and all of the fourteenth section of said
original act hereby amended, which provides that at
the expiration of seven years from the date of the first
policy, and every seven years thereafter, a dividend of
the net profits of the company shall be declared, and
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