84

LAWS OF MARYLAND.

bonds as aforesaid, and to the necessary cost of
the collection of said tax, and to no other purpose
whatsoever, and that said tax shall be collected as
all other taxes are collected .

In torce.

Sec. 5. And be it enacted, That this act shall
take effect from the date of its passage.

CHAPTER 77.

Passed Feb.
27, 1862.

AN ACT supplementary to an act entitled, An
act to incorporate the Merchants' Mutual Insu-
rance Company of Baltimore.

Number of
Directors may
be increased to
twenty-five.

SECTION 1 . Be it enacted by the General Assembly
of Maryland, That the said Merchants' Mutual In-
surance Company of Baltimore shall have power
to increase the number of the Directors to twenty-
five, to be elected in the manner set forth in the
act of incorporation aforesaid

Permanent
capital stock.

Sec. 2. And be it enacted, That said Company
shall have power to fund as a permanent capital
stock; the amount for which certificates of profits
have been issued, under sections fifteen, sixteen,
and seventeen of the act of incorporation aforesaid,
and shall have power to increase the same by sub-
scriptions, or by reservation of profits, to the sum
of five hundred thousand dollars, to be divided
into shares of fifty dollars each.

In lieu of a
division of pro-
fits, a dividend
to be declared.

Sec. 3. And be it enacted, That in lieu of the
method for the division of profits set forth in sec-
tion fifteen of the act of incorporation aforesaid,
the President and Directors shall have power to
make a dividend in cash to the holders of the poli-
cies of the Company, that shall have terminated
without loss, to an amount not exceeding ten per
centum of the premium paid on said policies ; and
not oftener than semi-annually, a dividend in
cash to the holders of the certificates of the capital

Provisos.

stock, out of the ascertained net profits of the
Company ; provided, that no such dividend shall
be make when the assets of the Company shall