270

LAWS OP MARYLAND.

tors shall have power, by the concurrent vote of a

Enact by-laws.

majority, to enact and ordain such by laws not in-

consistent with this act, or with the constitution and

laws of this State, or of the United States, as may

be found requisite to carry out the legitimate pur-

poses of the said corporation, which by-laws shall

be recorded with a copy of this act in a book to be

kept for that purpose by the secretary, and shall

have upon the members of the said company, upon

the board of directors and officers, u pon all the busi-

ness operations of the said company, the same force

and effect as if they were part and parcel of this

act; and when such by-laws are so made, ordained

Alterations —

and confirmed, no amendment or alteration therein

bow made.

shall be made, unless by the consent of two thirds

of the board of directors; and such alteration or

amendment, when so made, if not inconsistent with

law, shall have the same force and effect as if part

of this act.

SEC. 14. And be it enacted, That this act shall

not go into operation, so as to authorize the execu-

How effective.

tion of any policy or contract of insurance, until

there shall be entered upon the books thereof prop-

erty of the standard value of twenty thousand

dollars.

SEC. 15. And be it enacted, That at every an-

nual meeting of the members of the said company,

as provided for in the sixth section of this act, it

shall be the duty of the president to lay before the

Furnish state-

company a condensed statement of the business and

ment.

affairs of the said company, and at every third an-

nual meeting it shall and may be lawful for the said

board of directors to declare a dividend of the

profits of the concern, it any, upon such basis as

may be equal according to the respective contribu-

tions of the several members thereto, and of such

an amount as shall meet the approbation of two-

thirds of the members of the board, and of two-

thirds of the members of the said company present

at each third annual meeting.

SEC. 16. And be it enacted, That the said Mutual

Fire Insurance Company of Caroline county be and it

is hereby authorized and empowered, whenever losses

Assess pre-

may occur making it necessary, to assess the pre-

mium notes.

mium notes of its members, to borrow money for

the payment of such losses, and to bind said com-