1815.

LAWS OF MARYLAND.

CHAP. 249.

In force 20
years.

SEC. 14. And be it enacted, That the privileges and
powers hereby granted, or intended to be granted by this
act, shall continue in force for twenty years; but, it at
any time it shall appear to the General Assembly, that
these privileges and powers are injurious to the public
welfare, the power to repeal, alter or amend this act, shall
on no account be questioned, denied or impaired, but
such repeal shall not affect any engagements to which
said corporation may have been lawfully a party previ-
ously thereto, and the said company shall have reasona-
ble time to bring their business to a final settlement and
termination.

This act not in
operation un-
til the value of
$30, 000 is en-
tered upon the
books.

SEC. 15. And be it enacted, That this act shall not
go into operation, so as to authorise the execution of any
policy or contract of insurance, until there shall be en-
tered upon the books thereof, property of the standard
value of thirty thousand dollars, and whenever the amount
of property on the books of said corporation shall, by the
withdrawal of its members, or from any other cause, be
reduced below the sum of thirty thousand dollars as afore-
said, the said corporation shall cease its operations, shall
call in all outstanding policies or contracts of insurance,
and deliver up to its several members the respective de-
posite notes, with all unappropriated interest paid in by
them respectively, and all clear profits to which the said
members may be respectively entitled, reserving only
such a sum as may be required by the managers, to pay
off any existing liabilities of the company; and the ope-
ration of the privileges hereby granted, shall be suspend-
ed, until there shall be again entered on the books of the
said company, property to the standard value of thirty
thousand dollars.

Every annual
meeting, presi-
dent to lay be-
fore the board,
statement of
affairs.

SEC. 16. And be it enacted, That at every annual
meeting of the members of the said company, as provided
for in the sixth section of this act, it shall be the duty of
the president to lay before the company, a condensed
statement of the business and affairs of the said compa-
ny, and at every tenth annual meeting, it shall and may
be lawful for the said board of managers to declare a di-
vidend of the profits of the concern, if any, upon such
basis as may be equal, according to the respective contri-
bations of the several members thereto, and of such an
amount as shall meet the approbation of two-thirds of
the members of the board, and of two-thirds of the mem-
bers of the said company present, at such tenth annual
meeting.