1849.

LAWS OF MARYLAND.

CHAP. 356.

Dividends.

SEC. 14. And be it enacted, That at the expiration
of seven years from the date of the first policy, and
every seven years thereafter, a dividend of the nett
profits of the company shall be declared, and distri-
huted among the members in proportion to the amount

Provisoes.

and duration of their policies; provided, no dividend
shall be declared until the net profits exceed twenty-
five thousand dollars, and the first dividend only to
he made of the profits exceeding this sum, and in case
the nett profits exceed the sum of twenty-five thousand
dollars, the person holding a policy, or his executors,
administrators or assigns, may renew the same for
seven years thereafter, by executing his note, or con-
fessing 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, without pre-
mium, interest or expense, as long as this charter shall
endure; provided always, that before any such reduc-
tion 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, to constitute an active capital to meet
losses.

Funds — how
applied.

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 direc-
tors may direct.

Annual state-
ment, &c.

SEC. 16. And be it enacted, That on the last Mon-
day in April, eighteen hundred and fifty-one, and an-
nually thereafter, the directors shall publish, in one or
more newspapers published in Washington and Fred-
erick counties, a statement showing the amount of
premium notes, judgments and cash advanced, amount
of loss incurred, expenses and nett profits.

Not individu-
ally liable.

SEC. 17. And be it enacted, That no members 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 pre-
mium.

General meet-
ings, &c.

SEC. 18. And, be it enacted, That a general meet-
ing of the members of the company may be called in
such manner and after such notice as shall be pre-
scribed by the constitution or bye-laws, at which
general meeting, the constitution or bye-laws may be

repealed, changed or altered.