1845.

LAWS OF MARYLAND.

CHAP. 291.

sels, freights, goods, wares, merchandize, specie, bullion,
jewels, profits, commissions, bank notes, bills of exchange
and other evidences of debt, bottomry and respondentia
interests; and to make all and every insurance connected
with marine risks, and risks of transportation and navi-
gation; second, to make insurance on dwellings, houses
and stores, and all kinds of buildings, and upon household
furniture, merchandize or oilier property, against loss or
damage by fire; third, to cause themselves to be re-
insured, when deemed expedient, against any risk or risks
upon which they may have made, or may make insu-
rance.

May receive
notes for pre-

miums.

SEC. 3. And be it enacted, That the said company,
for the better security of its dealers, may receive notes
for premiums in advance of persons intending to receive
its policies, and may negotiate such notes for the pur-
pose of paying claims or otherwise, in the course of its
business; but said notes shall not be used by said com-
pany, until all its other available funds are exhausted;
and no policy shall be issued by the company, until such
notes to the amount of fifty thousand dollars at least, to
be approved by the board, shall have been delivered to
the company, and until the further sum of at least fifty
thousand dollars in money, shall have been subscribed

Fifty thousand
subscribed.

and paid, or secured to be paid into the company, the said
sum of fifty thousand dollars or more, shall be subscrib-
ed and paid, in such manner and at such times, as the
board shall direct, but in sums of not less than one hundred
dollars, and if over that amount, in even sums of one
hundred dollars; the subscribers to said sum, on the pay
ment of the amount subscribed by them, shall receive
from the company certificates therefor, of not less than
one hundred dollars each, which to distinguish them,
from the certificates of profit to be issued as hereinafter

Holders of
stock to re-
ceive six per
centum yearly.

provided, shall be designated certificates of stock; the
holders of said certificates of stock, shall receive six per
centum yearly on the amount thereof, which shall be paid
semi-annually, before any disposition of the funds of the
company shall be made among the policy holders, or the
holders of the certificates of profits as hereinafter provid-
ed; and in case of deficiency of means in an one year to
meet the said interest, the same shall be made good in
the succeeding year, or as soon thereafter, as the busi-
ness and resources of the company will permit, it being
the true intent and meaning of this act, that should the
said sum of fifty thousand dollars or more, or any part
thereof, or the interest not divided thereon, be at any
time required to meet any demands against said compa-