1062

LAWS OF MARYLAND.

against loss or damage by fire or lightning; to provide for the
keeping and investment of funds or assets that may become
the property of the company, and generally to transact,
execute and perform all such business as may appertain to a
fire insurance company, not contrary to this act or the Constitu-
tion and laws of this State or of tlie United States.

Boot con-
taining this
act to be
kept.

SEC. 2. And be it further enacted, That it shall be the
duty of the secretary of the said company to keep a book con-
'taining a copy of this act and of such by-laws of the said
company as may be established, and that all persons, firms or
corporations who wish to become members of the said com-
pany may be required to express in writing, at the foot thereof,
their assent thereto; and all persons, firms or corporations, by
signing an application for insurance therein, shall be deemed to
have subscribed their assent to this act and the by-laws of said
company; which expression of assent and the payment of such
fees, charges or premiums as may be demanded by the proper
officers of the corporation, shall constitute such persons, firms
or corporations, members of the said company, and as such be
bound by all the rules and regulations of said company as con-
tained in this act and in the by-laws of said company, whether
enacted before or after the commencement of such member-
ship; and every person, firm or corporation which shall be
insured by said company shall become members thereof as
already provided for.

SEC. 3. And be it further enacted, That all persons who

Members.

shall be insured by this company shall become members there-
of, 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 lose 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 fire, 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 or the
whole amount of such notes for any one loss or any one assess-
ment shall not be construed to reduce the amount of such notes
or to invalidate the obligations expressed thereby; but the paid
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.