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Laws of Maryland 1785-1791
Volume 204, Page 214   View pdf image (33K)
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1787.

CHAP.
   XX.

In case of loss
corporation

shall meet,
&c.

                                LAWS of MARYLAND.

as they are justly entitled to as speedily as possible, Be it enacted, That as
soon as possible after any person or persons shall sustain any loss or damage of
their dwelling house, houses or other buildings, by fire, whereon insurance has
been made as aforesaid, the president and trustees for the time being, as well as
the party insured, shall meet together and ascertain the los or losses suffered by
reason of such fire, agreeably to the policy of insurance thereof, and if the said
loss shall exceed five pounds in every hundred pounds value of the said house,
houses or buildings, then and in such case the said corporation shall pay to the
person or persons who shall suffer such loss or damage, whatever sum or sums of
money shall so appear to be sustained as aforesaid, within three months from the
time the same shall be so ascertained, deducting thereout an allowance of three
pounds in every hundred pounds so agreed to be paid as the loss or losses aforesaid,
or shall rebuild or repair the same with all convenient speed, and pay in
proportion towards such rebuilding or repairing as the sum insured shall bear to
the value of the said house, houses or buildings; and in case the said corporation
shall neglect or refuse to pay to the person or persons entitled to receive any loss
or losses by fire so sustained as aforesaid, within three months after the said loss
or losses shall be ascertained, (except as aforesaid) or to repair the said house,
houses or buildings, in manner aforesaid, then, and as often as the same shall
happen, it shall and may be lawful for the person or persons so entitled to the
sum or sums of money so ascertained to be due to them for their loss or losses
aforesaid, their executors or administrators, to apply to the register of the said
corporation for a certificate of the sum of money so due on the loss or losses
aforesaid, (which certificate the said register is hereby required and enjoined to
grant accordingly under the penalty of thirty pounds current money) and to apply
to the clerk of Baltimore county court, and file in his office the said certificate,
and order the said clerk to issue an attachment, fieri facias, or capias ad
satisfaciendum,
against the president and trustees for the time being of the said
corporation, for the said sum or sums of money mentioned in the said certificate,
and the execution or executions so issued, shall be made returnable to the court
which shall first sit after the issuing thereof, and shall be as valid and effectual
in law, to all intents and purposes, as if the same had issued on a judgment regularly
obtained according to the common and ordinary course of proceeding in a
court of law; and if the president and trustees, an the person insured and
claiming loss or damage, cannot agree on the value of such loss or damage, he
may sue the said corporation, and declare for money had and received, and the
jury may ascertain the loss or damage, which shall be paid with costs, and trial
shall be had the first court, unless the court shall think justice requires a continuance
of the cause.

Stock not liable
to attachment,
&c.
    XII.  And be it enacted, That no part of the capital stock aforesaid of the
said company, or of the increase thereof as aforesaid, shall be liable to be attached
or taken by virtue of any judgment or execution whatever for the private
debt or debts of any member or members of the said corporation, but the capital
stock and increase thereof shall remain as a security for the persons insured, but
the same may be nevertheless transferrable as aforesaid.
Company
may increase
their capital,
&c.
    XIII.  And be it enacted, That it shall and may be lawful for the said company,
from time to time, to increase their said capital by the addition of so many
more whole shares as shall be judged necessary by the said company, or a majority
of them, holding at least sixty-six shares, present at any general meeting of
the said company for that purpose; and the members of the said company for
the time being, are hereby declared to have the preference of all other persons
for the first thirty days after the determination, to increase their capital as aforesaid;
and all proprietors of such additional shares, shall, and are hereby declared
to be from thenceforward incorporated into the said company, and entitled to
every benefit and privilege of the original subscribers.


 
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Laws of Maryland 1785-1791
Volume 204, Page 214   View pdf image (33K)
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