1066

LAWS OF MARYLAND.

the two referees thus chosen, and the report of the three per-
sons 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 under 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 direc-
tion of the referees, and the direction and decision of a
majority thereof shall be binding to all parties.

Estimate of
loss.

SEC. 14. And be it further enacted, That whenever a loss
shall occur which the said company are liable to pay, it shall
be the duty of the directors at their next meeting after they
have been notified of said loss, to cause an accurate estimate
and statement to be made of the proportion or sum to be con-
tributed by each member, to make good said loss to the person
having sustained said loss, and to notify the members of the
said corporation of the same; and if at the expiration of sixty
days from the date of such notice, any member of said cor-
poration shall have failed to pay his, her or their contribution
aforesaid, it shall be lawful for the said company to proceed
either at law or equity to enforce the payment by members of
such contributions or assessment or of such annual interest in
advance as may have been determined.

Failure to
pay interest
on premium
notes.

SEC. 15. And be it further enacted, That the said company
shall have and is hereby invested with full power and authority
n to make any by-law or by-laws whereby any members of the
said company failing to pay in advance the interest on premium
note or notes as assessed, according to the by-laws of said com-
pany, may be excluded from all benefit of insurance, and at
the same time be held liable to contribution while such default
may continue.

Liability of
policy
holders.

SEC. 16. And be it further enacted, That every promissory
note, premium note or other evidences of debt given to and
accepted by the directors or proper officer or officers of the
said company in its behalf, in consideration of a policy of
insurance, whether the real consideration of said note or other
evidence of debt may be so named therein or not, shall be
given and conclusively understood to be upon all the conditions
and liabilities named .in this act, or any amendment thereof,