more, and the Directors so chosen shall hold their
office for one year or until others are chosen, said
election to be by ballot, and each share of stock
shall entitle the holder to one vote.

Powers of
Directors

Sec. 5. And be it enacted, That the President
and Directors for the time being, shall have the
power to appoint such officers, clerks and agents
as shall be deemed necessary for conducting the
business of said Company, to fix the compensation,
to take Bonds from all or any of them with securi-
ty conditional for the faithful execution of their
several duties, to make such covenants, contracts
and agreements as they may deem proper to or-
dain, establish and put in operation such regula-
tions and by-laws as may appear necessary for the
management of said Company.

May insure.

Sec. 6. And be it enacted, That the said Com-
pany shall have full power and authority to make
insurance single or mixed, on all kinds of proper-
ty at home, abroad, or in transit by land or water,
and also to insure live stock of all kinds, in such
manner and at such rates as shall be deemed pro-
per by them.

To pay losses.

Sec. 7. And be it enacted, That in case of a
loss or destruction of property insured in this
Company, the Directors or officers charged by
them with such duty, shall cause the amount
insured to be paid within thirty days after notice
shall be given them of the loss aforesaid.

In cases of
partial loss.

Sec. 8. And be it enacted. That in case of par-
tial destruction or loss, the loss shall be determin-
ed by assessors appointed as follows : the person
whose property is insured, shall select one
disinterested person within ten days, after such
selection, the Board of Directors of this Company
or such person as they shall appoint, shall select
another, should these two persons disagree in their
valuation of the loss, they shall select another dis-
interested person, and the award of the majority
shall be final, and the Directors or such person as
they shall appoint shall cause the same to be paid
within thirty days after such award.

In force.

Sec. 9. And be it enacted. That tins Act shall
take effect from the date of its passage, and that
noticing herein contained shall authorize the Com-