266

LAWS OF MARYLAND.

Basis of a tax.

basis of a tax to remunerate the loss; and all such

persons as are now associated together, or who may

hereafter associate themselves as members of the

company or corporation intended to be created by

this act, and all such persons as shall at any time

hereafter insure in or with said company, or be al-

lowed so to do, shall be deemed and taken as mem-

bers thereof during the period they shall remain so

insured, and no longer.

SEC. 6. And be it enacted, That any person or

persons entering property for insurance by this cor-

poration, shall deposit, with the secretary his, her or

Deposit prom-

their promissory note payable in part or in whole

issory note

at any time when the directors shall deem the same

requisite for the payment of losses or damage by

fire, or for such incidental expenses as may be neces-

sary for the transaction of the business of said com-

pany, for such sum, or according to such rate, as the

directors of the said Mutual Fire Insurance Com-

pany of Caroline county shall fix, establish or ordain

by their by-laws and regulations upon the amount

or assessed value of the property insured, and shall

in return receive a policy of insurance signed by

the president, under the seal of the said corporation,

and attested and signed by the secretary, which

policy shall also be signed by the person or persons

insured, or their attorney in fact duly authorized by

letter of attorney under the hand and seal of the

party insured; and for the purpose of raising a

contingent fund for the payment of losses or other

necessary expenses, it shall and may be lawful for

Exact interest.

the said company to exact of its members interest

at a rate not exceeding six per centum per annum

on the amount of said promissory note or deposit;

such interest shall be paid to the treasurer on or before

the day of each annual meeting, and every pay-

ment of interest so made shall be entered to the

credit of the proper person on the books of the cor-

poration, and bo applicable as far as the same may

go to the liability of the individual with the corpo-

ration, for loss or damage by fire or other legal and

proper charges; but upon the withdrawal of a mem-

ber or the cancelling of a policy from any cause, the

deposit note, with all unappropriated interest paid

thereon or clear profits, to which said member may

be entitled, shall be given up and handed to said