1847.

LAWS OF MARYLAND.

CHAP. 212.

Assessments
—when to be
paid.

SEC. 10. And be it enacted, That all assesments made
by the board of directors upon the premium notes shall
be paid within sixty days after the assessment thereof,
and in default of payment execution may be issued on
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, tier or; their assessment shall forfeit all bene-
fit of his, her or their policy until such assessment be

paid.

Arbitrators
to be appoint-
ed in case of
disagreement.

SEC. 11. And be it enacted, That in case any disagree-

ment shall arise between the directors and the party in-
sured, in reference to the amount of his, her or their loss
or damage, the matter in dispute shall be referred to arbi-
tration, one to be chosen by the company the other by
the parties insured, and in case of disagreement between
the arbitrators, an umpire shall be chosen by them,
whose decision as to the amount of loss or damage shall

be 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 col-
lected.

In cases of
partial loss.

In ease person
insured sell
property, pre-
mium notes to

be returned

&c.

Provisoes.

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 co-
vered by the policies of this company, such policies may
be transferred to the purchasers, and the original pre-
mium notes or judgment's 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 pre-
mium required, and comply with all the conditions im-
posed upon the original parties insured, and any person
insuring may at any time have his policy cancelled, his
premium note returned or judgment entered satisfied or
cash paid in advance as premium returned; provided, no

losses shall have been incurred, and such person so with-
drawing 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.

Dividends—
how and when
declared.

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