1849.

LAWS OF MARYLAND.

CHAP. 50.

bett as president, and the others as directors are hereby
duly elected and are declared the board of directors of
the company, and so shall continue to be until the first
Monday in January, eighteen hundred and forty-seven,
and until others are appointed and chosen in their places.

Board of di-
rectors requi-
red to make
report.

SEC. 6. And be it enacted, That it shall be the duty
of the board of directors at the annual meetings of the
members on the first Monday of January, to make a full
and complete report of the affairs of the company to the
members, and the said board shall keep full, fair, and
correct entries of their proceedings, which shall at all
times be open for the inspection of the members.

Condition of
payment of
dividend.

SEC. 1. And be it enacted, That no dividend of profits
shall be made to any member whose payments to the
company when added to the proportion of profits which
they may have earned, shall not have amounted to fifty
percent of the policy upon which such payments were

Proviso.

made; provided, however, that an annuitant may be made
a sharer in the profits of the company upon such terms
as the company may hereafter determine.

No director or
member re-
sponsible, &c.

SEC. 8. And be it enacted, That no director or mem-
ber shall be liable for any debts, contracts, or engage-
ments of said company, but the monies, property, rights
and credits of the company shall alone be liable for the
same.

Board of di-
rectors to ap-
point officers.

SEC. 9. And be it enacted, That the board of direc-
tors for the time being, shall have power to appoint such
officers and servants under them as may be necessary for
transacting the business of the company, and to allow
them such compensation for their services respectively
as shall be reasonable, and in their discretion to dismiss
them or either of them, and the said board shall possess
and exercise such powers as may be delegated to them
by the by-laws or resolutions of the company, and which
are not inconsistent with this act, and the said board or
a major part of a quorum of them shall and may, and they
are hereby empowered to invest a portion of the funds
of the company in bonds or mortgages on unincumbered
fee simple or leasehold estate and ground rents, and in
or on public stocks of the United States, or of any of
the States, or of any incorporated city in this State, and
any other investment of funds than those above enumer-
ated shall at any time be made with the consent of a
majority of the whole board.

Not compe-
tent as a wit-
ness.

SEC. 10. And be it enacted, That suits at law or in
equity may be prosecuted and maintained by any member
against said corporation, and no member of the corpora-