422

LAWS OF MARYLAND.

printed notice, deposited in some post office, and
addressed to each member at the place of residence
given in the application for insurance respectively,
stating the amount required to be paid by the
party notified; the members of said Company in-
sured for the loss of life shall not be assessed, for
the loss or damage by fire, and those insured for
loss or damage by fire shall not be assessed for the
loss of life insured, and each and every person so
notified or his or her legal representative, shall
pay the same so assessed to the Company, within
ninety days, for loss of life insurance, and within
thirty days if for loss or damage by fire, and in
default thereof shall forfeit all right and claim in
and to any policy of insurance which he or she
may have obtained, and to which said delinquency
shall attach, and the same shall thereby be an-
nulled and he or she shall cease to be a member
of the Company; but shall remain liable for the
amount of said assessment that shall be laid as
above provided, with lawful interest thereon until
paid, and the same may be recovered with costs,
before any court of competent jurisdiction.

Premiums.

SEC. 14. And be it enacted, That on the first
day of July after the organization of said Com-
pany, or within one month after said day, and an-
nually thereafter, the directors shall cause an es-
timate to be made of the true state of all the af-
fairs of said Company as near as practicable, and
of their operations for the year proceeding, which
shall be conclusive and binding on the parties en-
titled to receive certificates, as hereinafter pro-
vided, and shall thereupon cause a balance to be
struck of the accounts of said Company, in which
they shall charge each member thereof with a
proportionate share of the losses and expenses of
said Company, according to the amount of prem-
iums paid by each member; but in no case to ex-
ceed the amount of premiums paid by each mem-
ber, and the said directors at their discretion, may
reserve from the receipts of each year a reasonable
amount for an insurance from risks of policies out-
standing, and each member of said Company,
shall thereupon be credited with his or her pro-
portion of the nett profit, the premiums earned,
and of the profits derived from the investments of
the Company, and shall be entitled to a certificate