120

LAWS OF MARYLAND.

seem most conducive to the interest of the company ;

How dividend

provided, that no dividend shall be made except of

to be made.

the net profits, exceeding the sum of fifty thousand

dollars; and provided that no member of said com-

pany shall be entitled to any dividend of the net

profits on said premium notes or cash advanced in

lieu of premium notes, unless said premium note

has been executed to, or said cash deposited with

said company for the period of seven years before

such dividend is declared; and provided further,

that no dividend shall be declared except of the net

profits exhibited by the preceding annual statement

(the publication of which is provided for in section

sixteen of the act passed at January session, eighteen

hundred and seventy-four, chapter three hundred

and eighteen) as having occurred during the year

which is covered by said statement."

SEC. 2. And be it enacted, That section eleven

of the act passed at January session, eighteen hun-

dred 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 incorpo-

rate the Mutual Insurance Company of Washington

county,' " and the several acts supplementary thereto

and amendatory thereof, be and the same are hereby

Repealed and

repealed and re-enacted so as to read as follows :

re-enacted.

" That when it shall come to the knowledge of the

Board of Directors that any property insured in

said company has depreciated in value by wear and

tear or any other cause, so as to reduce its value be-

low the amount for which it is insured, it shall be

Reduce insu-

the duty of said Directors to reduce the insurance

rance

on said property in an amount proportionate to the

depreciation in value thereof, and in case the risk on

any property insured in said company be increased

by any cause whatever, it shall be the duty of said

directors to notify the party insured to restore said

property to its original condition; and in case the

party insured fails to restore said property to its

Demand ad-

original condition, the Board of Directors may de-

ditional
premium.

mand an additional premium to any amount which

to them shall seem fit, and if such additional pre-

mium be not given forthwith, may declare such

policy forfeited. And the said Board of Directors

shall have the right and power to cancel any mutual