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LAWS OF MARYLAND.

Assessments.

SEC. 10. And be it enacted, That all assess-
ments 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 the judg-
ment 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 forfeit all benefit of
his, her or their policy until such assessment be
paid.

In case of dis-
agreement to
be referred to
arbitration.

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

Partial dam-
age.

SEC. 12. And be it enacted, That in case par-
tial damages shall be sustained, the company may
either repair the same or pay the amount of loss
ascertained.

In case of sale
of property po-
licies may be
transferred.

SEC. 13. And be it enacted, That in cases where
person or persons insured shall have sold the pro-
perty 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 pre-

Provisos.

mium 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 par-
ties insured; and any person insuring may at any
time have his policy cancelled, his premium note-
returned, or judgments entered satisfied, or cash
paid in advance, as premium returned; Provided,
no losses shall have been incurred, and such per-
son 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