JOHN WALTER SMITH, ESQ., GOVERNOR.

787

such membership, and every person, firm or corporation which
shall be insured by said company shall become members
thereof, as already provided for.

CHAP. 542.

SEC. 3. And be it further enacted, That all persons who
shall be insured by this company shall become members
thereof, and shall be bound by all the rules and regulations of
said company, and shall be bound, each to the other, to make
good their proportionate amount, which shall be in proportion
to the amount of their several premium notes of any loss,
losses or damages that may occur on property insured by the
company, not exceeding for any one loss the amount of
premium note or notes that he, she or they may have given to
the company and are held by it at the time of such loss, the
assessment to be made after deducting from the amount of
said loss or losses at the time being, but the payment of any
part or parts of the whole amount of such notes for any one
loss or any one assessment shall not be construed to reduce the
amount, of such notes or to invalidate the obligation expressed
thereby, but the said notes shall be held as binding for the
whole amount thereof so often as demanded by order of the
directors for the purpose of paying losses while the insurance
or insurances for which they were given as premiums shall
exist.

Bound by the
rules and
regulations
of said
company.

SEC. 4. And be it further enacted, That each and every
premium note given to the company shall bear interest at the
rate fixed from time to time by the board of directors, payable
annually in advance on the last Thursday in May in each and
every year, respectively ; and said note shall be held as security
for the payment of any assessment that may be made on the
members, and shall not be used for any other purpose what-
ever.

Notes to bear
interest.

SEC. 5. And be it further enacted, That the premium notes
taken by this company shall remain in full force until the
policies for which they were given are cancelled ; and each of
said notes shall be liable for its proportion of all the losses and
expenses of the company up to the time of cancellation, as
estimated by the directors, including cost of collecting.

Premium
notes
to remain in
full force.

SEC. 6. And be it further enacted. That Samuel J. Twilley,
William F. King, Francis E. Matthews, S. Pierce Gordy,
Charles M. Peters, Edgar W. Me Master, Henry P. Merrill,
Albert Sudler and Edgar Fontaine are hereby created directors
of the Maryland Mutual Live Stock Insurance Company, and
shall manage its affairs until the last Thursday in May, 1902,
and until their successors shall have been elected and qualified,
as hereinafter provided ; and such of said directors as shall be
present at their first meeting shall proceed to organize the

President
and other
officers
elected.