128

LAWS OF MARYLAND.

SEC. 5. And be it enacted, That in the event
of any extensive conflagration or conflagra-
tions whereby the claims upon said company
shall exceed the amount of its accumulated
earnings and premium notes liable to assess-
ment, the said special reserve fund shall be
immediately held to protect all policy holders
of said company other than such as are claim-
ants upon it at the time, or such as became

To protect
policy holders.

such claimants in consequence of such con-
flagration or conflagrations, and the amount of
such special reserve fund shall constitute the
capital and assets of such company for the
protection of policy holders other than such
claimants, and said company shall thereupon
immediately with the proceeds of said special
reserve fund cause all outstanding policies
other than those of such claimants to be re-
insured for the amount of insurance previously
at risk in said company, and to the end of the
term to which said policy holders may have
been insured.

SEC. 6. And be it enacted, That this act shall
be submitted to the members of said company
for adoption or rejection during the year
eighteen hundred and eighty-six on a day to
be designated by the Board of Directors after

Submission
and notice.

three weeks' public notice thereof shall have
been given in two newspapers published in
Washington county, Maryland, and if adopted
by a majority of votes cast according to the
ratio of voting prescribed in the by-laws of
said company it shall take effect and become
a law from and after said day.

Approved March 25, 1886.