1852.

LAWS OF MARYLAND.

CHAP. 145.

dividend shall be made, except of the profits exceeding
the sum of twenty-five thousand dollars; And provided,
further, that no member of said company shall be en-
titled to any dividend of surplus profits, whose pro-
perty has been insured for a term less than one year.

Policies in
existence.

SEC. 4. And be it enacted, That the policies in ex-
istence, at the time the reduction of premiums, directed
by this act, shall be made, shall be continued to the
period, when the annual interest thereon shall be pay-
able, and may be renewed annually, so long as the in-
terest on the reduced premium note, secured either by
judgment or personal security, is paid in advance,
and so long as the cash paid in advance, reduced by
the provisions of this act, remains undrawn; and all
policies issued after said date, shall be issued for the
space of one year, in case the parly insuring, shall give
his, her or their note, secured by judgment; or in case
he, she or they have no real estate, shall give a pre-
mium note, secured by personal security, or such other
security, as the board of directors may approve, and
shall pay the interest in advance upon such note, se-
cured by judgment or personal security, or pay in cash
the amount required as premium; and such policies
may be renewed annually, and the receipt of the inte-
rest, signed by the secretary, shall be the evidence of
such renewal.

Power to in-
sure for less
than one year.

SEC. 5. And be it enacted, That the said company
shall have power to insure, and issue policies of insu-
rance, for a term less than one year, and for such pre-
mium to be paid in cash, as the company and the in-
sured may agree.

Part of eighth
and all of four-
teenth sec-
tions of origi-
nal act, re-
pealed.

SEC. 6. And be it enacted, That the words in the
eighth section of the act hereby amended, "for a term
less than seven years," and "for a term less than
one year," and "all of the fourteenth section of said
act," which provides, that at the expiration of seven
years from the date of the first policy, and every seven
years thereafter, a dividend of the net profits of the
company shall be declared and distributed among the
members, in proportion to the amount and duration of

Provisoes.

their policies; Provided, no dividend shall be de-
clared until the net profits exceed twenty-five thou-
sand dollars, and the first dividend only to be made of
the profits exceeding that sum; and in case the net pro-
fits exceed the sum 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-