THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

SEC. 11. And be it enacted, That in case any disa-
greement shall arise between the directors and the parly
insured in reference to the amount of his, her or their
loss, or damage, the matter in dispute shall be referred to
arbitration, one to be chosen by the company, the other
by the parties insured, and in case of disagreement be-
tween the arbitrators, an umpire shall be chosen, whose
decision as to the amount of loss or damage shall he
final; and all losses incurred by the insured, shall be paid,
within ninety days after notification thereof to the board
of directors, or sooner, if the funds can be collected.

CHAP. 190.

SEC. 12. And be it enacted, That in case partial da-
mage may be sustained, the company may either repair
the same, or pay the amount of loss when ascertained.
SEC. 13. And be it enacted, That in cases when the
person or persons insured shall have sold the property
covered by the policies of this company, such policies
may be transferred to the purchasers, and the original
premium notes or judgments be returned and satisfied
and cash advanced as premium returned; provided, no
losses shall have been incurred by the company; and
provided, such purchaser or purchasers shall execute his
note or confess judgment, or advance in cash the amount
of premium required, and comply with all the conditions
imposed upon the original parties insured, and any per-
son insuring may at any time have his policy cancelled,
his premium note returned or judgments entered satis-
fied, or cash paid in advance as premium returned; pro-
vided, no losses shall have been incurred, and such per-
son so withdrawing in the event of no Joss being sus-
tained by the company, shall be entitled to one-half of
the interest paid by him, her or them, and also to one
half of the interest on the cash advanced as premium by
him, her or them.

Repair dam-
ages.

SEC. 14. And be it enacted, That at the expiration of
seven years from the date of the first policy, and every
seven years thereafter, a dividend of the nett profits of
the company shall be declared and distributed among the
members in proportion to the amount and duration of

Dividend in
every 7 years.

their policies; provided, no dividend shall be declared
until the nett profits exceed twenty-five thousand dollars,
and the first dividend only to be made of the profits ex-
ceeding that sura, and in case the nett profits exceed the
sum of twenty-five thousand dollars, the person holding
a policy, or his heirs, executors, administrators, or as-
signs, may renew the same for seven years thereafter,
by executing his note, or confessing a judgment as afore-

Proviso.