WM. T. HAMILTON, ESQUIRE, GOVERNOR.

267

retiring member, his or her executor or administra-

tor; and in case any insured person named in any

policy or contract of insurance made by the said

corporation shall sell, convey or assign the subject

or property insured, it shall and may be lawful for

such assured person to assign and deliver to the

Lawful to as-

purchaser such policy or contract of insurance in

sign.

such form as shall be prescribed by the by-laws, and

such assignee shall have all the benefit of such

policy or contract of insurance, and may bring and

maintain a suit, and in like manner be proceeded

against in his own name; provided that before any

such loss happens the consent of the president or

secretary to such assignment shall be obtained, and

Consent to be

shall, by either of the said officers, be endorsed on

obtained.

or annexed to said policy or contract of insurance;

and provided also that upon the withdrawal of the

promissory note or deposit given by the person origi-

nally insured, the said assignee shall execute to the

said corporation a similar note for a like sum of

money, and subject to all the rights and liabilities

of the original note.

SEC. 7. And be it enacted, That all policies or

contracts of insurance executed by this corporation

shall be subject to adjustment whenever either the

Subject to ad-

directors or the owners of the property insured may

justment.

request it; and all such policies or contracts of in-

surance, when once duly executed shall, so long as

the property insured or the character of the risk

remain unchanged, and no adjustment is required

by either the directors or owners of the property,

remain and be in full force and virtue in law as a

policy of insurance; provided the annual payment

of interest on the deposit notes of the parties in-

sured is regularly made on the day the same shall

be required to be made, and every such payment of

interest shall be noted by the secretary on the said

policies respectively.

SEC. 8. And be it enacted, That every member

of this corporation, who shall sustain loss or damage

by fire, shall give notice thereof to the secretary of

the corporation at its office within thirty days from

the date of such loss, to the end that they may in-

quire into the same, and the said directors shall

appoint appraisers to view the premises and determ-
ine the loss actually sustained, and make report

Determine loss
sustained.