1845.

LAWS OF MARYLAND.

CHAP. 105.

in part, or the whole, at any time when the directors shall
deem the same requisite for the payment of loss or da-
mage by fire and such incidental charges as shall be ne-
cessary for transacting the business of said corporation;
and at the expiration of the term of insurance, the said
note, or such part of the same as shall remain unpaid,
after deducting all losses and expenses accruing during
said term, shall be relinquished and given up to the ma-
ker thereof; and it shall be lawful for said corporation
to loan such portion's of their money on hand, as may not
be immediately wanted for the purpose of said corpora-
tion, to be secured by mortgage or judgment, creating a
lien upon real estate, of sufficient value beyond other in-
cumbrances, to render the same perfectly secure, or upon
other good and sufficient securities.

Policy to be
surrendered.

SEC. 7. And be it enacted, That when any property
insured by this corporation shall be aliened by sale or
otherwise, the policy shall thereafter be void and of no
effect, and shall be surrendered to the directors to be
cancelled; and upon such surrender the insured shall
be entitled to receive his deposit on payment of his pro-
portion of losses and expenses accrued prior to such sur-
render, but the alienee or grantee, having the policy as-
signed to him, may have the same ratified and confirmed
to him for his own proper use and benefit, upon appli-
cation to the directors, with their consent, within twenty
days next after such alienation, on giving proper secu-
rity to the satisfaction of said directors, for such portion
of the deposit or premium note as shall remain unpaid,
and by virtue thereof from the time of such ratification,
the party causing such security to be given shall be enti-
tled to all the rights and privileges, and be subject to all
the liabilities to which the original party, to whom the
policy was issued, was entitled and subject under this

act.

Members re-
sponsible.

SEC. 8. And be it enacted, That every member of
said corporation shall be bound to pay for losses or da-
mage, and such necessary expenses aforesaid accruing
in said corporation, in proportion to the amount of his or
her deposit-note.

Members not
incompetent as
witnesses.

SEC. 9. And be it enacted, That suits at law may be
maintained by said corporation against any of its mem-
bers for the collection of said deposit-notes, or any as-
signment thereon, or for any other cause relating to the
business of said corporation, also all suits may be prose-
cuted and maintained by any member against said cor-
poration, for loss of damage by fire, if payment be with-