1456 LAWS OF MARYLAND.

Act, and in said policies, among and in addition to other stipu-
lations, conditions and agreements herein, there may be in-
serted, as a part thereof, a clause, agreement or condition, pro-
viding in substance and effect for the continuation or dura-
tion of the class of policies in this section provided for, for a
period of two years or less and providing for the payment of an
annual premium thereon of an amount to be determined by the
directors of the said corporation, and when said policy is ac-
cepted by any person, the same shall be binding and effective
for the purpose therein set forth, and for the time therein spe-
cified, not exceeding ten years, but upon the failure of the
assured to promptly pay or satisfactorily securing to be paid
at the beginning of each year the premiums therein provided,
the said policy shall become void and of no effect, under such
rules and regulations as shall be adopted by the said corpora-
tion, but upon the payment of the annual premium named in
the said policy and upon the receiving of a receipt therefor
by the assured, his or their heirs or assigns or any person for
him or them, the said policy shall become renewed and con-
tinued in force by virtue of said payment and receipt, for a
period of time for which said payment is made, it being in-
tended that the paying or giving of security for said pay-
ment (acceptable to said corporation) of said premium and
the giving and receiving of the said receipt for the same shall
be a renewal of the said policy for the term for which said
premium is paid, without the necessity of issuing a new
policy. The policy provided for in this section may be named
or designated by some name to be determined upon by the di-
rectors of said corporation. Nothing in this section con-
tained shall be construed to prevent said corporation from
issuing policies of a character different from that mentioned in
this section.

SEC. 13. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 8, 1908.

CHAPTER 491.

AN ACT to amend the charter of the Peabody Savings Bank
of Baltimore City.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the stockholders of the Peabody Savings Bank of
Baltimore City, a corporation heretofore created under the
General Public Laws, shall be authorized to elect to the board
of directors not more than three directors who are non-resi-