PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

ment thereof, and in default of payment execution may

be issued on the judgment confessed for the amount of
the assessment, and suit brought on any premium notes
given for the insurance, of personal property, and the
party so failing to pay his, her or their assessment shall
forfeit all benefit of his, her or their policy until such
assessment be paid.

CHAP. 111.

SEC. 11. And be it enacted, That in case any dis-
agreement shall arise between the directors and the
party 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 others by the parties insured, and in case of disagree-
ment between the arbitrators an umpire shall be chosen,
whose decision as to the amount of loss or damage
shall be paid within ninety days after notification there-
of to the board of directors, or sooner if the funds can
be collected.

Reference to
arbitration in
case of disa-
greement.

SEC. 12. And be it enacted, That in case partial
damage may be sustained, the company may either re-
pair the same or pay the amount of loss when ascer-
tained.

In case of par-
tial damage.

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 person insuring may at anytime have his
policy, cancelled, his premium note returned, or judg-
ments entered satisfied, or cash paid in advance as pre-
mium returned; provided, no losses shall have been in-
curred and such person so withdrawing, in the event of
no loss being sustained by the company, shall be entitled
to one-half 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.

Policies trans-
ferrable.

Provisoes.

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 pro-
fits of the company shall he declared and distributed
among the members in proportion to the amount and
duration of their policies; provided, no dividend shall

Dividends —
when to be de-
clared.

Provisoes.