1843.

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

CHAP. 199

premium note returned as judgments entered satisfied, of
cash paid in advance as premium returned, provided, no
losses shall have been incurred, and such person so with-
drawing in the event of no loss being sustained by the
company shall be entitled to one half of the interest paid
by him, her or them, and also to one half of the interest
on the cash advanced as premium by him, her or them.

At the expi-
ration of se-
ven years, di-
vidend to be
declared.

Provisoes.

Sec. 14. And be it enacted, That at the expiration of
seven years from the date of the first policy, and every
seven years thereafter, a dividend of the nett profits of
the company shall be declared and distributed among the
members in proportion to the amount and duration of their
policies, provided, no dividend shall be declared, until the
clear nett profits exceed twenty-five thousand dollars, and
the first dividend only to be made of the profits exceed-
ing that sum; and in case the nett profits exceed the sum
of twenty five thousand dollars the person holding a po-
licy, or his heirs, executors, administrators or assigns,
may renew the same for seven years thereafter by execu-
ting his note or confessing a judgment as aforesaid for
one half of the original premium, and every seven years
thereafter, shall be entitled to a similar reduction, until
the whole premium shall be extinguished, at which pe-
riod his, her or their property shall be insured without pre-
mium or interest or expense as long as this charter shall
endure; provided always, that before any such reduction
of premium or interest thereon shall be made at every
septennial distribution of profits after the first distribu-
tion, the sum of ten thousand dollars of the nett profits
shall be added to the first sum of twenty-five thousand

Directors to

regulate in-
vestment.

dollars to constitute an active capital to meet losses.
Sec. 15. And be it enacted, That all investments of
interest money, or cash paid in advance as premiums,
shall be made in such manner as the board of directors
may direct.

Annual state-
ment.

Sec. 16. And be it enacted, That on the last Monday in
April eighteen hundred and forty-five, and annually there-
after, the directors shall publish in one or more pa-
pers published in Frederick county, a statement shewing
the amount of property insured, the amount of premium
notes, judgments and cash advanced; amount of losses
incurred, expenses and nett profits.

Not answer-
able for losses
more than in-
vested.

Sec. 17. And be it enacted, That no member in this
company shall be answerable for any losses which may
be sustained beyond the amount of his premium, note or
judgment or cash advanced by way of premium.

Members
competent as
witnesses.

Sec. 18. And be it enacted, That in the suits by or
against the said company, no member of the corporation