1846.

LAWS OF MARYLAND.

CHAP. 282.

that the first meeting shall be on the first Monday of May,
eighteen hundred and forty-seven; that notice shall be given
in two newspapers printed in the city of Baltimore, at
least ten days previous to said meeting; and that any
member who shall have an insurance on his life, or the
life of another, to the amount of one thousand dollars,
shall be entitled to one vote, and an additional vote for
each thousand dollars he has been insured, and that ab-
sent members may vote by proxy.

Persons insur-

ing become
members.

SEC. 6. And be it enacted, That all persons who shall in-
sure with the said corporation, and also their executors,
administrators and assigns, shall thereby become mem-
bers thereof during the period that they shall remain in-
sured, and no longer.

Not to hold
real estate.

SEC. 7. And be it enacted, That the said corporation shall
not be competent to purchase, take or hold any real es-
tate, except such as shall be requisite for its immediate
accommodation, the convenient transaction of its bu-
siness, and such as shall have been bona fide mortgaged
or conveyed to it by way of security or in satisfaction
of debt contracted in course of its dealings, or purchased
at sale upon judgments which shall have been obtained
for such debts, and all such lands, tenements and here-
ditaments so taken in satisfaction of debt or purchased at
sale upon judgments, shall be resold nnd conveyed
within the term of three years from the taking or pur-
chase thereof as aforesaid.

Persons beco-
ming members
to pay trustees.

SEC. 8. And be it enacted, Thai every person who shall
become a member of this corporaiion, by effecting insu-
rance thereon shall, the first time he effects insurance, and
before he receives his policy, pay the rates that shall he
fixed upon nnd determined by the trustees; and no pre-
mium so paid, shall ever be withdrawn from said company,
except as hereinafter provided, but shall be liable to all
the losses and expenses incurred by this company during
the continuance of its charter.

May insure

lives.

SEC. 9. And be it enacted, That the said corporation shall
have power to insure their respective lives, and to make
every insurance appertaining to, or connected with life
risks; and to grant and purchase annuities.

Premiums to
be invested in
mortgages.

SEC. 10. And be it enacted, That the whole of the pre-
miums, except as provided for in the following sections,
shall be invested in mortgages on unincumbered real
estate within the State of Maryland, the real property to
secure such investment, in every case shall be worth twice
the amount loaned thereon,