502

LAWS OF MARYLAND.

the party insured has no real estate, the directors may
take a note for the amount of the premium required,
secured in such manner as they may most deem ex-
pedient and safe.

In case of loss
by fire.

SEC. 9. And be it enacted, That in case any loss
or damage by fire shall be sustained, the party sustain-
ing such loss, shall within thirty days thereafter ap-
prise the company thereof, and the directors of said
company shall immediately after notification thereof
ascertain the amount of such loss, and apportion the
same rateably between the parties recently insuring
by an assessment upon their notes and upon the
interest fund, such proportion of losses as may have
been previously incurred, and in case the damage by
fire shall exceed the amount of interest paid in, and
the equitable proportion of assessment upon the pre-
mium notes of the parties last insuring, then the loss
shall be supplied by a rateable assessment upon all
the premium notes and cash advanced by way of
premium, and in case the whole capital shall be re-
quired to meet losses, the same shall be forthwith col-
lected and distributed rateably among the insured,
according to the amount of loss by him, her or them
sustained and covered by his, her or their policy.

Assessments.

SEC. 10. And be it enacted, That all assessments
made by the board of directors upon the premium
notes, shall be paid within sixty days after the assess-
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 with security, and the party so
failing to pay his, her or their assessment, shall for-
feit all benefit of his, her or their policy until such
assessment be paid.

Partial dam-
age.

SEC. 11. And be it enacted, That in case partial
damage may be sustained, the company may either
repair the same or pay the amount of loss as-
certained.

In case of sale
of property in-
sured.

SEC. 12. And be it enacted, That in cases where
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 re-
turned; Provided, no losses shall have been incurred
by the company; and provided, such purchaser or pur-
chasers, shall execute his note or confess judgment,
or advance in cash the amount of premium required,