1860.

LAWS OF MARYLAND.

CHAP. 309

pany, and that no statute of limitation or lapse of
time shall bar the said judgments or the lien there-
of or the right to issue execution thereon so long as
the policy of insurance issued by said company shall
remain in force.

Authorised
to insure
every species
of property,
&c.

SEC. 2. And be it enacted, That the said com-
pany shall be and they are hereby empowered
to insure all and every species of property for a
period of not less than one year or longer, and that
the president and directors of said company, be
and they are hereby authorised to make annual
dividends of the nett profits of said company,
among the policy holders therein either in the form
of a reduction in the amount of annual interest to
be paid by such policy holders or in cash to them,
as the said president and directors may from time

Proviso.

to time think advisable and proper; Provided,
however, that no dividend in cash shall be declared
or paid until the funds invested by said company,
shall amount to at least one-fifth of the total
amount insured by said company, upon the pro-
perty of the members.

Claims for
feited upon
failure to pay
interest.

SEC. 3. And be it enacted, That whenever any
of the members of said company shall fail for the
space of sixty days to pay the annual interest
upon judgment upon his premium note or shall sell
or dispose of the property covered by his policy and
insured by said company, then the said member
shall forfeit all claim upon the said company, both
for profits accrued, and to the protection of the

Policies
transferable.

policy of insurance held by him; but in case of the
sale of the property insured, then the said policy

Provisos.

may be transferred to the purchaser thereof; Pro-
vided, the president and directors of said company
agree to such transfers; and provided, also, the
said purchaser shall execute a new note, for the
premium to be secured by judgment upon said pro-
perty in the same manner as the judgment stood
against the original party.

Married wo-
men, trustees
&c., may in-
sure property.

SEC. 4. And be it enacted, That it shall and
may be lawful for all married women, trustees, exe-
cutors and guardians to insure in said company any
and all property held or owned by them or to
which they may be in any manner entitled, and all
premium notes given by them, and all judgments
rendered thereon, shall be binding and have the
same force and effect as a lien upon any and all