1840.

LAWS OF MARYLAND.

CHAP. 82.

company; seventh, the nature of the security in which the
same is invested, specifying the amount and nature of each
security; and a printed copy shall be delivered to each
member when requested.

If profits ac-
crue, &c.

Persons insur-
ed entitled to
scrip.

Bearing inter'st.

In case profits
be diminished.

Scrip to be not
less than $5.

Less amounts
transferable.

Sale of stock.

SEC. 19. Be it enacted, That in case it shall be ascertain-
ed, on the striking of the balance and the making up the
accounts mentioned in the preceding section, that during
the year then next preceding, the company has made any
profits on its operations, after making all deductions as
aforesaid, each one of the persons insured by said compa-
ny during such year, shall be entitled to a scrip signed by
the president and countersigned by two of the directors,
for the amount of such balance as shall stand to the credit
of such person, which, scrip shall bear and receive such
interest, to be annually paid, as shall be realised from the
investments of the profits of the company, and shall he re-
deemable from the profits thereof on a final dissolution of
said company; provided however, that in case in any subse-
quent year, the company shall, by reason of losses, dimin-
ish the amount of such reserved profits, the said sum spe-
cified in said scrip shall proportionably abate; and notwith-
standing the issue of such scrip, all the funds of the com-
pany shall at all times, during the existence of said com-
pany, be liable for any losses happening by reason of any
of the risks insured against, and the said scrip subject to
the aforesaid conditions, shall be transferable by endorse-
ment thereon, in writing, and the holder thereof shall be
entitled to all the rights, and subject to all the liabilities of
the person in whose favor the same was originally issued;
provided always, that no scrip shall be issued for any sum
less than five dollars, hut amounts less than five dollars
shall be transferable on the books of the company by the
person entitled thereto; the form in which said scrip shall
be issued, shall he fixed and determined by the directors.
SEC. 20. Be it enacted, That no sale or transfer of stock
shall be made on any mortgage or bond discharged, except
in pursuance of a vote of the directors.

Liability.

SEC. 21. Be it enacted, That no member shall be liable
for any losses or expenses of the company, beyond the
amount of the premiums paid by him, as hereinbefore pro-
vided.

Not to hold re-
al estate.

Except.

SEC. 22. Be it enacted, That the said company shall not
be competent to purchase, take or hold any real estate,
other than such as shall be requisite for its immediate ac-
commodation, in relation to the convenient transacting of
its business; ami such as shall have been bona fide mort-