LLOYD LOWNDES, ESQUIEE, GOVERNOR.

CHAPTER 308.
AN ACT to add three sections to Article XXIII, of the
Code of Public General Laws, title "Corporations," sub-title
"Insurance," to be designated as Sections 141 A, 141 B and
141 o, respectively.

875

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That three additional sections be and they are hereby
added to Article XXIII of the Code of Public General Laws,
title "Corporations," sub-title "Insurance," to be designated as
sections 141 A, 141 B and 141 C, respectively.

141 A. Any insurance company organized and incorporated
on the mutual plan under the laws of this State and other

New section
added.

States for the purpose of insuring against loss or damage,
resulting from burglary or robbery or attempt thereat, and
securing against the loss of money as securities in course of
transportation when shipped by registered mail, shall be au-
thorized, admitted and licensed to do business in this State,
as hereinafter provided.
141 B. Before any such company shall be authorized to trani?

Authorized
to do busi-
ness.

act business in this State, it shall have in force one thousand
or more policies, on which the premium shall have been paid
in cash or shall have been evidenced by written contracts, on
which not less than one-fifth of the amount shall have been
paid in cash, and the cash contracts for premiums shall amount
in the aggregate to the sum of not less than one hundred thou-
sand dollars. The premium contract shall constitute a part of
the assets of the company.

Certain
provisions
required.

141 o. Policy holders of any company organized and admit-
ted to transact business in this State under this Act shall be
held liable to pay the membership fee and premium on their
insurance as paid or contracted to be paid at the time the
policy is taken out, and shall not be held for any other or
further assessments or claims on the part of the company or its
policy holders. The membership fee and premium agreed
upon may be collected in cash at the time the policy is issued,
or be eviderced by a written obligation of the policy holder.
Such payment or obligation shall be the limit of the liability
of the policy holder to the company for premium on the insur-
ance.

Policy
holders
held liable.

SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 9, 1898.

Effective.