950 LAWS OF MARYLAND. [CH. 699

shall be duly approved or ratified by the board of directors;
nor shall any such director or executive officer accept any such
loan directly or indirectly. No such insurance company shall
make any advance to any of its directors or executive officers
for future services to be performed beyond a period of one
year from the date of making such advance.

(3) No insurance company authorized to do business in this
State, and no affiliate or subsidiary of such insurance com-
pany, shall directly or indirectly guarantee the financial obli-
gation of any director or executive officer of such insurance
company or of such affiliate, and any such guaranty shall be
void, except that nothing herein contained shall prohibit any
insurance company from making or entering into a contract of
insurance or surety bond of any kind which is authorized by
its Charter, for any director or executive officer.

(4) Nothing herein contained shall prohibit a life insurance
company from making a policy loan to any director or execu-
tive officer upon its policy or contract in an amount not ex-
ceeding the net reserve value of the policy or contract.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1943.

Approved May 4, 1943.

CHAPTER 699.
(House Bill G65)

AN ACT to repeal and re-enact with amendments, Section 184
of Article 18 of the Code of Public Local Laws of Maryland
(1930 Edition), title "Queen Anne's County", sub-title
"County Commissioners", clarifying the provisions of said
Section as to the compensation of the County Commissioners
of Queen Anne's County and providing for the traveling and
other expenses of said Commissioners in the performance of
their duties.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 184 of Article 18 of the Code of Public
Local Laws of Maryland (1930 Edition), title "Queen Anne's
County", sub-title "County Commissioners", be and it is here-
by repealed and re-enacted, with amendments, to read as
follows: