LLOYD LOWNDES, ESQUIRE, GOVERNOR.

to alter and repeal the same at pleasure ; and shall have and
exercise all rights, powers and privileges which corporate
bodies may lawfully possess for the purposes mentioned in this
Act

1221

SEC. 3. And be it further enacted, That the said corpora-
tion shall have the power to maintain and accumulate a reserve
fund, the principal of which shall be held for the sole purpose
of guaranteeing the performance of the obligations and con-
tracts entered into by said corporation.

Reserve fund.

SEC. 4. And be it further enacted, That upon producing
proof to the Insurance Commissioner of the State of Mary-
land, that the said corporation has accumulated a guarantee
fund, as aforesaid, amounting to at least the full legal reserve
required by the State of Maryland invested in the securities
of the United States, or of the State of Maryland, or of the
city of Baltimore, or in real estate situated in the State of
Maryland, satisfactory and approved by the Insurance Commis-
sioner of the State of Maryland, the Insurance Commission-
er's certificate whereof may be filed and recorded among the
corporation records of Baltimore city, said corporation shall
have the power to make all contracts whatsoever pertaining to
the business of life, health and accident insurance, which are
authorized to be made by any other insurance company doing
business in this State, provided no policy be issued upon any
one life for a greater amount than one thousand dollars, the re-
spective rights and obligations of said corporation and of the
insured, to be fully set out in the policies or certificates to be
issued by it ; provided, however, that the said corporation
shall at all times maintain in said reserve or guarantee fund a
sufficient reserve under the laws of Maryland for all policies
of life insurance issued by it which may be outstanding.

Make
contracts.

SEC. 5. And be it further enacted, That the principal office
of said corporation shall be in Baltimore city, but branch
offices may be established elsewhere in the United States of
America.

Principal
office.

SEC. 6. And be it further enacted, That this Act shall take
effect from, the date of its passage.
Approved April 9, 1898.

CHAPTER 525.
AN ACT to repeal and re-enact with amendments Chapter
457 of the General Assembly of Maryland, Session of 1896,
entitled "An Act to incorporate the Equitable Fire Insur-
ance Company of Snow Hill, Maryland."

Effective.