LLOYD LOWNDES, ESQUIRE, GOVERNOR.

495

SEC. 11. And be it further enacted, That it shall be the
duty of the president, whenever required, in writing, by not
less than twenty members of the company *ther than the direct-
ors, to call a general meeting of the members by giving notice
as in cases of election for directors, for the transaction of such
business as may be specified in the said written requisition, and
any resolutions or proceedings passed or had at such meeting
by not less than two-thirds of the members who shall be pres-
ent shall be binding on the president and directors and mem-
bers of the company.

General
meetings of
members.

SEC. 12. And be it further enacted, That the board of direct-
ors shall have power to regulate the time and duration of all its
policies and the rates of insurance, to provide for the payment
of losses and expenses incurred by said company, and the presi-
dent and secretary shall sign all policies of insurance issued by
the company, and in the absence of the president the vice-
president shall perform the du'ties of president.

Durationof
policies, etc.

SEC. 13. And be it further enacted, That every member of
this company who shall sustain loss or damage by fire or light-
ning shall give notice thereof to the secretary of the company
at its office within thirty days from the date of such loss, tc
the end that they may inquire into the same, and the same
president and directors shall direct the proper appraisers to view
the premises and determine the loss actually sustained, and make
report within ten days after notice of such loss; and in cases
where persons sustaining loss by fire or lightning shall be dis-
satisfied with the estimate of his loss by the appraisers, on his
request in writing, the subject shall be submitted to three dis-
interested persons, one chosen by the directors, one by the per-
son insured, who has sustained loss, and the third by the two
referees thus chosen, and the report of the three persons thus
chosen, or of any two of them, shall be conclusive as to all
parties in interest. And no officer of this company or near
relative of any loss claimant shall be eligible as such referees;
and the inquiry and judgment of said referees shall be based
upon and restricted to the actual cash value at the time of loss
of the property named in the application and policy unde:
which loss or damage is claimed; provided, that said directors
if they deem best, may rebuild, repair or replace the property
damaged or destroyed under the direction of the referees and
the directors, and decision of a majority thereof shall be bind
ing on all parties.

SEC. 14. And be it further enacted, That whenever a loss
shall occur which the said company are liable to pay, it shall

Notice of loss.