1845.

LAWS OF MARYLAND.

CHAP. 249.

of losses or damage by fire, or for such incidental ex-
penses as may be necessary for the transaction of the
business of the said company, for a sura equal to one and

One and a
half per cent.

a half per centum, on the amount of his, her, or their
property insured or to be insured, according to the scale
of rates established by the said company, and shall in re-
turn, receive a policy of insurance, signed by the presi-
dent, under the seal of the said corporation, and attested
and signed by the secretary, which policy shall also he
signed by the person or persons insured or their attorney,
in fact, duly authorised by letter of attorney, under the
hand and seal of the party insured, and for the purpose
of raising a contingent fund for the payment of losses or
other necessary expenses, it shall and may be lawful for
the said company to exact of its members, interest at a

Interest 6 per
cent. per an-
num.

rate not exceeding six per centum per annum, on the
amount of said promissory note or deposite, as long as in
the judgement of the managers, the interest of the corpo-
ration may require it, such interest shall be paid to the
treasurer, on the day of each annual meeting; and every
payment of interest so made, shall be entered to the cre-
dit of the proper person on the books of the corporation,
and be applicable, as far as the same may go, to the li-
ability of the individual with the corporation, and of the
corporation for loss or damage by fire, or other legal and
proper charges; but upon the withdrawal of a member,
or the cancelling of a policy, from any cause, the deposit
note, with all unappropriated interest paid thereon, or
clear profits, to which said member may be entitled, shall
be given up and handed to said retiring member, his or
her executor or administrator; and in case any insured
person named in any policy or contract of insurance made

Sell, convey or
assign.

by the said corporation, shall sell, convey, or assign the
subject or property insured, it shall and may be lawful
for such assured person, to assign and deliver to the pur-
chaser such policy or contract of insurance, in such form
as shall be prescribed by the by-laws; and such assignee
shall have all the benefit of such policy or contract of in-
surance, and may bring and maintain a suit, and in like

Provisoes.

manner be proceeded against in his own name; provided,
that before any such loss happens, the consent of the
president or secretary to such assignment shall be ob-
tained, and shall by cither of said officers be endorsed on
or annexed to said policy or contract of insurance; and
provided also, that upon the withdrawal of the promis-
sory note or deposit given by the person originally in-