1845.

LAWS OF MARYLAND.

CHAP. 190.

said, for one-half of the original premium, and every
seven years thereafter, shall be entitled to a similar re-
duction until the whole premium shall be extinguished,
at which period, his, her or their property shall be insur-

Proviso.

ed without premium, 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 distribution, the sum of ten thousand dollars of
the nett profits shall be added to the first sum of twenty-
five thousand dollars, to constitute an active capital to
meet losses.

Board to di-
rect.

SEC. 16. And be it enacted, That all investments of
interest money or cash paid in advance as premium, shall
be made in such manner as the board of directors may
direct.

Directors to
publish.

SEC. 16. And be it enacted, That on the last Monday
of April, eighteen hundred and forty-seven, and annually
thereafter, the directors shall publish in one or more pa-
pers, published in Talbot county, a statement showing
the amount of premium notes, judgments, and cash ad-
vanced, amount of losses incurred, expenses and nett
profits.

Not answera-
ble but for
premium note.

SEC. 17. And be it enacted, That no member of 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.

Not incompe-
tent as a wit-
ness.

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

General meet-
ing.

SEC. 19. And be it enacted, That a general meeting
of the members of the company may be called in such
manner, and after such notice as shall be prescribed by
the constitution or by-laws, at which general meeting
the constitution or by-laws may be repealed, changed or
altered.

Issues forbid.

SEC. 20. And be it enacted, That nothing in this act
shall be so construed, as to authorise the said corpora-
tion to issue any note, token, scrip, device, or other evi-
dence of debt, to be used as currency.

Enure for 20
years.

Right reserv-
ed.

SEC. 2. And be it enacted, That this act of incorpo-
ration shall enure for twenty years from the date of its
passage, and until the end of the next session of the leg-
islature thereafter, and that the legislature reserves to
itself the right to amend or repeal said act at pleasure.