LLOYD LOWNDES, ESQUIRE, GOVERNOR.

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 direction
of the referees, and the direction and decision of a majority
thereof shall be binding to all parties.

SEC. 11. And be it further enacted, That whenever a loss

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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 corpora-
tion shall have failed to pay his, her or their contribution afore-
said, it shall be lawful for the said company to proceed either at
law or equity to enforce the payment by members of such con-
tributions or assessment or of such annual interest in advance as
may have determined.

SEC. 12. And be it further enacted, That the principal

Estimate and
statement
to be made.

office shall be Snow Hill, Maryland, but may be removed to
Baltimore city at any time it may be the pleasure of the board
of directors so to do.

SEC. 13. And be it further enacted, That no liability shall

Principal
office.

attach to this company where damage arises from fire happen-
ing in consequence of any invasion, insurrection, riot or civil
commotion, or by any military or usurped powers.

When not
liable.

SEC. 14:. And be it further enacted, That the said company
shall have full power and authority to rescind or revoke any
policy of insurance by them issued, whenever they shall deem
it for the interest of said company to do so.

Rescind or
revoke
policies.

SEC. 15. And be it further enacted, That no policy or contract
of insurance shall be issued by the said company until an amount
of property, equal to the value of fifty thousand dollars, is
offered and contracted to be insured.

When Issued

SEC. 16. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 9, 1898.

Effective.