WM. T. HAMILTON, ESQUIRE, GOVERNOR.

119

Chapter 80.

AN ACT to amend an act passed at December

session, eighteen hundred and forty-five, chapter

thirty-seven, entitled " An Act to Incorporate

the Mutual Insurance Company of Washington

county," and the several acts supplementary

thereto and amendatory thereof.

SECTION 1. Be it enacted by the General Assem-

bly of Maryland, That the tenth section of the act

passed at January session, eighteen hundred and

seventy, chapter four hundred and thirty-nine, enti-

tled " An Act to amend an act passed at December

session, eighteen hundred and forty-five, chapter
thirty-seven, entitled ' An Act to Incorporate the Mu-

Repealed and
re-enacted.

tual Insurance Company of Washington county,' "

and the several acts supplementary thereto and

amendatory thereof, and the tenth section of the act

passed at January session, eighteen hundred and

seventy-four, chapter three hundred and eighteen,
entitled "An Act to repeal section sixteen of the acts

passed at the December session, eighteen hundred

and forty -five, chapter thirty-seven, entitled 'An Act

to Incorporate the Mutual Insurance Company of

Washington county,' " and amend and re-enact the

said sixteenth section, and to repeal the tenth sec-

tion of the act passed at the January session, eighteen

hundred and seventy, chapter four hundred and

thirty-nine, entitled "An Act to amend an act passed

at December session, eighteen hundred and forty-

five, chapter thirty-seven, entitled 'An Act to Incor-

porate the Mutual Insurance Company of Washing-

ton county,' " and the several acts supplementary

thereto and amendatory thereof, be and the same

are hereby repealed and re-enacted so as to read as

follows : " The Board of Directors may divide the

Divide net

net profits of said company among the members

profits.

thereof rateably in proportion to the respective

amounts of the premium notes held by the company

against them, and to the respective amount of cash

advanced by them in lieu of premium notes; or the

said directors may apply the said net profits to the

accumulation of capital as in their discretion may