1844.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 279.

then be divided pro rata and annually amongst all the hold-
ers of its policies; but in respect to the redemption of
dividend certificates as aforesaid, no dividend certificate
of a subsequent year shall be redeemed until those of a
preceding year shall have been provided for; and it shall
be lawful for said company to withhold or postpone at any
time, the redemption in whole or in part of said certificates,
in the event of any loss happening, which, in the opinion
of the board, would render it desirable; and should an ex-
tension of the business of the company, as hereinafter pro-
vided for, make it proper in the opinion of the board for
the greater security of its dealers, to increase their capital
to five hundred thousand dollars, by a continued annual
application of their earnings in whole or in part to that ob-
ject, it shall be lawful for them to do so, and to issue, re-
deem, or postpone the redemption of dividend certificates,
in accordance thereto; any thing above herein mentioned
to the contrary notwithstanding.

Company may
withhold pay-
ment, &c.

SEC. 17. And be it enacted, That in case any certificate
or policy holder shall be indebted to the company for sums
past due and unpaid, the company may at its option with-
hold the payment of the same, deduct such sums from the
amount thereof, or reduce or cancel the same; and for any
debt due by any holder of certificates to said company, the
company shall have a lien on all the interest of said debt-
ors in said company and its profits; but persons insuring
in said company, or entitled to certificates, shall not be
answerable by reason thereof, or of anything contained
herein, except for the payment of their premiums, or of
notes given for or in advance of premiums.

Competent as
witness, &c.

SEC. 18. And be it enacted, That in suits by or against
said company, no member of the corporation shall on that
account (if he be not in his individual capacity a party to

Privilege of
company.

such suits, ) be incompetent as a witness.
SEC. 19. And be it enacted, That after this company
shall have issued not less than one hundred policies, and a
majority of not less than two-thirds of their holders shall
have given their consent in writing: to the company's insur-
ing marine and inland risks as well as fire risks, said assent
shall be kept and recorded in the books of the company;
and then it shall be lawful for said company to assume the
name of the Mutual Fire and Marine Insurance Company
of Baltimore; and under that title it shall possess, in ad-
dition to the powers granted in this act, full power
and authority to make insurances on vessels, merchandise,
freight, specie, bullion, commissions, profits, bank notes,
and bills of exchange, and other evidences of debt, bot-
tomry, ad respondentia interests and all other personable