LAWS OF MARYLAND.

1843

as to them may seem necessary, and prescribe their du-
ties, fix their compensation, take such security from them
as they may deem necessary for the faithful performance
of their respective duties, and may remove them for good
cause, they shall determine the rates of insurance, the
sum to be insured on any building, and the sum to be de-
posited for the insurance thereof, they shall order and
direct the making and issuing of all policies of insurance;
the providing of books, stationary, and other things need-
ful for the office of said company, and for carrying on the
affairs thereof; and may draw upon the treasurer for the
payment of all losses, which may have happened, and for
expenses incurred in transacting the concerns of said
company; they shall elect one of their own number to act
as president and may hold their meetings monthly and of-
tener if necessary, for transacting the business of the
company, and shall keep a record of their proceedings;
and any director disagreeing with a majority of the board
at any meeting may enter his dissent with his reasons

CHAP. 361.

therefor, on record of their proceedings.
Sec. 5. And be it enacted, That every person who
shall become a member of said company by effecting in-
surance therein shall before he receives his policy, depo-
sife his promissory note for such a sum of money as shall
be required by the directors apart, not exceeding five per
cent, of which said note shall be immediately paid for the
purpose of discharging the incidental expenses of said
institution; and the remainder of said deposite note shall
be payable in part or the whole, at any time when the di-
rectors shall demand the same for the payment of losses
or other expenses; and at the expiration of the term of in-
surance the said note or such part thereof as shall remain un-
paid after deducting all losses and expenses accruing du-
ring said term, shall be relinquished and given up to the
signer thereof.

Person beco-
ming member
of company to
deposit his
promissory
note.

Sec. 6. And be it enacted, That every member of said
company shall be, and hereby is bound and obliged to
pay his portion of all losses and expenses happening and
accruing in and to said company, and all buildings in-
sured by and with said company, together with the right,
title and interest of the insured to the lands on which
they stand, shall be pledged to said company, and the
said company shall have a lien thereon against the insu-
red, during the continuance of his, her or their policies
to the amount of the insurance.

Members to
pay their por-
tion of losses.

Sec. 7. And be it enacted, That in case of any loss
or damage by fire happening to any member upon pro-
perty insured in and with said company, the said member

In case of loss
by fire twenty
days notice to
be given.