PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

the members in proportion to the amount and duration of
their policies; provided, no dividend shall be declared until
the nett profits exceed twenty-five thousand dollars, and:
the first dividend only to be made of the profits exceed-
ing that sum, and in case the nett profits exceed the sum
of twenty-five thousand dollars, the person holding a po-
licy, or his heirs, executors, administrators or assigns
may renew the same for seven years thereafter by ex-
ecuting his note or confessing a judgment as aforesaid
for one-half of the original premium, and every seven
years thereafter shall be entitled to a similar reduction
until the whole premium shall be extinguished, at which
period, his, her or their property shall be insured with-
out premium or interest or expense, as long as this char-
ter shall enure; provided always, that before any such
reduction of premium or interest thereon shall be made,
at every septennial distribution 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.

CHAP. 212.
Provisoes.

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.

Investments.

SEC. 16. And be it enacted, That oh the last Mon-
day of April eighteen hundred and forty-nine, and annu-
ally thereafter, the directors shall publish in one
or more newspapers published in Anne Arundel county
a statement showing the amount of premium note,
judgments and cash advanced, amount of losses incurred,
expenses and nett profits.

Annual state-
ment to be
published.

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 notes
or judgment, or cash advanced by way of premium.

Not individu-
ally responsi-
ble.

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

Members not
incompetent
witnesses,

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the constitution or bye-laws may be repealed, changed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

General meet-
ings.