1846.

LAWS OF MARYLAND

CHAP. 290.

covered by the policies of this company, such policies
may be transferred to the purchasers, and the original
premium notes or judgments be returned and satisfied,

Provisoes.

and cash advanced as premium returned; provided, no
losses shall have been incurred by the company; and
provided, such purchaser or purchasers shall execute his
note or confess judgment, or advance in cash the amount
of premium required, and comply with all the conditions
imposed upon the original parties insured.

After 7 years
declare divi-
dend.

SEC. 14. And be it enacted, That at the expiration of
seven years from the date of the first policy, and every
seven years thereafter, a dividend of the nett profits of
the company shall be declared and distributed among the
members in proportion to the amount and duration of

Provisoes.

their policies; provided, no dividend shall be declared
until the clear nett profits exceed twenty-five thousand
dollars, and the first dividend only to be made of the
profits exceeding that sum, and in case the nett profits
exceed the sum of twenty-five thousand dollars; the per-
son holding a policy, or his heirs, executors, administra-
tors or assigns, may renew the same for seven years there-
after by executing his note or confessing a judgment as
aforesaid, 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 policy shall be insured,
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.

Manner of in-
vestments.

SEC. 15. 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.

Publish state-
ment of pro-
perty insured,

SEC. 16. And be it enacted, That on the last Monday
in April, eighteen hundred and forty-seven, and annually
thereafter, the directors shall publish in one or more news-
papers, published in Carroll county, a statement shewing
the amount of property insured, the amount of premium
notes, judgments and cash advanced, amount of losses
incurred, expenses and nett profits.

Not answera-
ble for losses.

SEC. 17. And be it enacted, That no member in this
company shall be answerable for any losses which may