8 LAWS OF MARYLAND. [CH. 2

CHAPTER 2.

AN ACT to amend the Charter of the Grangers Mutual Fire
Insurance Company of Frederick County, Maryland, as
heretofore amended, by repealing and re-enacting with
amendments Sections Eight, Nine, Ten and Thirteen of
Chapter 149 of the Acts of 1916, entitled "An Act to amend
the Charter of the Grangers Mutual Fire Insurance Com-
pany of Frederick County, Maryland. "

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Sections Eight, Nine, Ten and Thirteen of
Chapter 149 of the Acts of 1916, entitled "An Act to amend
the Charter of the Grangers Mutual Fire Insurance Company
of Frederick County, Maryland, " be and the same are hereby
repealed and re-enacted to read as follows:

Section 8. When application is made, in writing or other-
wise, for insurance in said Company, the cash premium and
other charges thereon paid, the policy issued and accepted by
the insured, then the insured shall be a member of said Com-
pany and bound by the provisions of the Charter and by-laws.

Section 9. Every policy issued by said Company shall
state plainly the premium upon which it is issued.

Section 10. When application is made for insurance in said
Company the Company shall determine the premium upon
which said insurance shall be granted and the policy issued,
the said premium to be computed according to the rates as fixed
by the Board of Directors, and which premium the insured
shall pay in advance to said Company.

Section 13. The Board of Directors of the Company shall
have power to regulate the time and duration of all policies
issued by the Company; invest all income derived from what-
ever source; create and maintain a surplus fund and add there-
to if the amounts received as cash premiums shall exceed the
amount required to pay losses and expenses for any year, but
if the amounts received in any one year as the cash premium
for maintaining the insurance should be insufficient to pay the
losses and expenses for such year, the deficiency shall be taken
from the surplus and no extra assessment shall be made to meet
such deficiency until the available funds from the surplus shall