1845.

LAWS OF MARYLAND.

CHAP. 291.

the end of each year, which shall be printed by the com-
pany, and a copy thereof shall be delivered to each mem-
ber on request, by such member; said statement shall

Statement
shall contain,

&c.

contain, first, the amount of premiums received during
the year; second, the amount of the expenses of the com-
pany during the year; third, the amount of losses incur-
red during the year; fourth, the amount of premium notes
held by the company on risks not terminated; fifth, the
amount of losses claimed against said company not yet
adjusted or paid; sixth, the balance remaining with said
company; seventh, the nature of the security in which
the same is invested, specifying the amount and nature
of each security, the first statement shall include the af-
fairs of the company up to the thirty-first day of Decem-
ber after date of the first policy issued by the company
inclusive as aforesaid, and the, subsequent statements
shall each include a single year.

Nett profits
exceed $250, -
000.

SEC. 22. And be it enacted, That when the accumu-
lation of the nett profits of the company shall exceed two
hundred and fifty thousand dollars, the excess shall be
applied towards the payment of the cash subscription of
fifty thousand dollars, or more in such manner as the
board shall deem most advisable, and whenever the accu-
mulation of said nett profits shall exceed three hundred
thousand dollars, the excess shall be applied from year to-
year towards the redemption of each years certificates,
in such manner as the board shall deem most advisable,
but the certificates of a subsequent year are not to be re-
deemed until those of a preceding year are provided for.

No sale or
transfer of
stock.

SEC. 23. And be it enacted, That no sale or transfer
of stocks or property shall be made, or any mortgage or
bond discharged, except in pursuance of a vote of the di-
rectors.

Not incompe-
tent as a wit-
ness.

SEC. 24. And be it enacted, That in suits by or against
said company, no members of the corporation shall on
that account, if it be not in his individual capacity or
parly to such suit, be incompetent as a witness.

Issues forbid.

SEC. 25. And be it enacted, That the said corporation
is hereby prohibited from issuing any note, certificate,
device, or evidence of debt, to be used as a currency.

Enure for 20
years.

SEC. 26. And be it enacted, That this act shall enure
for twenty years from the date of its passage, and that
the legislature reserves to itself the right to alter or annul
this act of incorporation at pleasure.

Property sub-
ject to taxes.

SEC. 27. And be it enacted, That nothing herein con-
tained shall be construed to deprive the State of Mary-
land from imposing such taxes upon the property and ef-
fects of said company as the said State may think proper-