LLOYD LOWNDES, ESQUIRE, GOVERNOR.

137

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.
SEC. 4-. And be it further enacted, That upon producing
proof to the Insurance Commissioner of Maryland that the
said corporation has accumulated a reserve fund, as aforesaid,

To maintain
a reserve
fund.

amounting to at least one hundred thousand dollars, invested
in the securities of the United States, or of the State of Mary-
land, or of the city of Baltimore, which said securities shall
have been deposited in the Treasury of the State, in like
manner as deposits are required from other insurance com-
panies under section 116 of Article 23 of the Code of Public
General Laws of this State, (the Insurance Commissioner's cer-
tificate whereof may be filed and recorded among the corpora-
tion records of Baltimore city, and the filing of the same shall
be taken as an acceptance of this Act by the said The Balti-
more Mutual Aid Society of Baltimore City), said corporation
shall have the power to make all contracts whatsoever, pertain-
ing to the business of life and health and accident insurance
which are authorized to be made by any other insurance com-
pany doing business in this State, the respective rights and
obligations of the 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 a sufficient reserve under the laws of Maryland for
all the policies of insurance issued by it which maybe out-
standing.

Power to
make con-
tracts.

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.

Location of
office.

SEC. 6. And be it further enacted, That this Act shall
take effect from the date of its passage.
Approved March 15, 1898.

CHAPTER 62.
AN ACT to ratify and confirm certain rights granted by the
Baltimore and Frederick Town Turnpike Road, a body cor-
porate, under a certain contract to the Frederick City Subur-
ban Railway Company of Frederick County, a body corpo-
rate.
WHEREAS, The Baltimore and Frederick Town Turnpike
Road, a body corporate of the State of Maryland, by its con-

Effective.