40

LAWS OF MARYLAND.

Lawful to
continue ins
ranee.

SEC. 3. And be it enacted, That it shall and may
be lawful for executors, trustees, administrators and
guardians of persons, whose property may be in-
sured by this company, to continue said insurance
from time to time, by payment of the annual interest
on the notes secured by judgment confessed or prem-
ium notes given by the original insurer, so long as
the property remains unsold or under their control,
and that such executors, trustees, administrators and
guardians, shall be entitled to a credit for such an.
nual payments, and in the event of any loss by fire,
the benefits of the policy to inure to the benefit of the
estate in whose behalf the insurance is effected.

Persons in a
representative
capacity may
insure.

SEC. 4. And be it enacted, That all trustees, exe-
cutors, administrators, guardians or other persons
acting in a representative capacity, may insure the
property of their cestuis que trusts, testator or testa-
trix, intestate or wards, for the term of one year or
less, for a premium to be paid in cash, and in the
event of loss, the policy to inure to the benefit of the
estate in whose behalf they insure.

Persons in-
terested in pro-
perty may in-
sure.

SEC. 5. And be it enacted, That any mortgagee
of real or personal property or any other person
having an interest or estate in the property insured,
may insure the same for a premium to be paid in
cash.

Shall be law-
ful.

SEC. 6. And be it enacted, That it shall and may
be lawful for the said Mutual Insurance Company,
to insure any property real or personal for the term
of one year or less.

Agents may
insure on be-
half of.

SEC. 7. And be it enacted, That it shall and may
be lawful for agents to insure in the name and be-
half of their principal, any real or personal property,
and to execute premium notes and confess judgment,
which judgment shall be liens on the property of

Proviso.

their principal, provided, such agent shall be em-
powered so to do in writing under the hand and
seal of their principal.

Pass by-laws.

Proviso.

SEC. 8. And be it enacted, That the Board of
Directors of the Mutual Insurance Company, shall
have power to pass all necessary by-laws, provided,
such by-laws be subject to repeal, alteration or
amendment, by the members of the said Mutual In-
surance Company, at a general meeting convened ac-
cording to the provisions of the charter.

Act to be sub-
mitted.

SEC. 9. And be it enacted, That this act shall be
submitted to the members of the Mutual Insurance
company, at a general meeting of said company, to