1849.

LAWS OF MARYLAND.

CHAP. 125.

All notes, &c.
to be signed by
the president,
&c.

charge such other duties as may be regulated by the by-
laws of the company.
Sec. SEC. 13. And be it enacted, That all notes or obliga-
tions of the company, or checks to draw money, shall be
signed by the president and countersigned by two direc-
tors; and no promissory note or obligation shall be given
without the previous vote of the board of directors; and
that no sale or transfer of stocks or properly shall be
made, or any mortgage or bond discharged, except in
pursuance of a vote of the directors.

Become a
member — rates
of pay.

SEC. 14. And be it enacted, That every person who
shall become a member of this corporation by effecting
insurance therein shall, when be effects insurance, and
before he receives his policy, pay or secure to be paid,
the rates that shall be fixed or determined upon by the
president or directors, and no premium so paid shall ever
be withdrawn from said company during the existence of
its charter, except as shall be hereinafter provided for,
but shall be liable to all losses and expenses incurred by
the company during the continuance of its charter.

Premiums ex-
pired consid-
ered earned
premiums.

SEC. 15. And be it enacted, That at the close of each
year of the business of the company, the premiums on
risks which have expired during that period shall be as-
certained, and considered earned premium; and the pre-
mium on risks, on which losses have been paid during
the same period, to an amount not less than three times
the amount of said premium on each risk respectively,
shall be credited and considered earned premium, and if
it be ascertained that alter payment of all claims for losses
and a proper allowance for outstanding or unsettled
claims against the company, find the expenses of the com-
pany, and the interest due on the certificates of stock
loan, that any profits have been made during that period,
then such profits shall be divided between and placed to
the credit of the holders of the certificates of stock loan,
and the holders of policies which have expired within
that period, on which no loss has been paid to an amount
not less than three times the premium on such policies
respectively, pro rata upon one-fifth of the amount of
said certificates and the amount of premium paid on such

Proviso.

policies; provided, that no dividend shall be made to the
credit of any policy holder of an amount Jess than the
sum often dollars; all sums under that amount to go in-
to the general fund of the company.

Receive divi-
dends of pro-
fits in scrip.

SEC. 16. And be it enacted, That the holders of said
certificates of stock loan and expired policies, shall be
entitled to receive the dividends of profits in a scrip to