1847.

LAWS OF MARYLAND.

CHAP. 111.

be declared until the 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 sura of twenty-five thousand dollars,
the person holding a policy, or his heirs, executors, ad-
ministrators or assigns may renew the same for seven,
years thereafter, by executing his note or confessing a
judgment as aforesaid for one half of the original pre-
mium, and every seven years thereafter shall be enti-
tled to a similar reduction until the whole premium shall
be extinguished, at which period his, her or their pro-
perty shall be insured without premium or interest or
expenses, as long as this charter shall endure; provided
always, that before any such reduction of premium or
interest thereof shall be made, at every septennial dis-
tribution 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.

Investments.

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.

Directors to
make an annu-
al publication.

SEC. 16. And be it enacted, That on the last Mon-
day of April, eighteen hundred and forty-nine, and
annually thereafter, the directors shall publish in one or
more newspapers published in Allegany county, a
statement showing the amount of premium notes, judg-
ments and cash advanced, amount of losses incurred, ex-
penses and nett profits.

Liability of
members.

SEC. 17. And be it enacted, That no member of
this company shall be answerable for any losses
which may be sustained beyond the amount of his
premium note, or judgment, or cash advanced by way of
premium.

Witnesses.

SEC. 18. And be it enacted, That in the suit by of
against the said company; no member of the corpora-
tion shall on that account, if he be not a party to such
suit or suits in his individual capacity, be incompetent
as a witness.

General meet-

ings.

SEC. 19. And be it enacted, That a general meeting
of the members of the company may be called in such
manner and after such notice as shall be prescribed by
the constitution or bye-laws, at which general meeting
the constitution or bye-laws may be repeated, changed
or altered.

Banking for-
bid.

SEC. 20. And be it enacted, That nothing in this act
contained, shall be so construed as to authorise the said