THOMAS H. HICKS, ESQUIRE, GOVERNOR.

93

ballot a President, either from among their own
body, or from the other stockholders, and in case
of the death, resignation or disqualification of a
Director, the stockholders shall proceed to elect
another to fill such vacancy for the remainder of
the year.

SEC. 10. And be. it enacted, That the President
and Directors shall be, and they are hereby au-
thorised to make all kinds of insurance against
loss or damage by fire, within the limits of the
city of Baltimore, only, and generally to transact
and perform all business relative to the objects
aforesaid, and also to invest the capital and funds
of the company, from time to time, in well se-
cured stocks, and to dispose of the money and
property of the company, in such manner (not
being contrary to law) as to them shall appear
most advantageous to the company.

Authorised to
make insurance.

SEC. 11. And be it enacted, That the president
and Directors shall declare dividends of the pro-
fits of the corporation, semi-annually, or so
much thereof, as to them shall appear advisable,
and in case of any loss or losses, whereby the ca-
pital stock of the company shall be lessened, no
subsequent dividend shall be made, until a
sum equal to such diminution, and arising from
the profits of the company, shall have been added
to the capital.

Authorised to
declare divi-
dends.

SEC. 12. And be it enacted, That every house
insured by this Company, that is destroyed by
means of fire, from the first floor upwards, shall
be deemed as demolished, and it shall be lawful
for the Directors in such case to order the money
insured thereon to be paid within three months
after the notice given of the loss as aforesaid.

Insurance to
be paid within
three months.

SEC. 13. And be it enacted, That in case of a
partial destruction by fire, the loss shall be deter-
mined by assessors appointed as follows: — the
person whose property is insured shall have the
privilege of selecting one disinterested person,
and within ten days after such selection, the
Board of Directors of this Association shall select
another; should these two persons disagree in
their valuation of the loss, they shall select ano-
ther disinterested person , and the award of a ma-
jority shall be final, and the company shall pay
the same within sixty days after such award.

In case of par-
tial destruction
award how to
be determined.