| 1787.
CHAP.
XX.
In case of loss
corporation
shall meet,
&c. |
LAWS of MARYLAND.
as they are justly entitled to as speedily as possible, Be
it enacted, That as
soon as possible after any person or persons shall sustain any loss or
damage of
their dwelling house, houses or other buildings, by fire, whereon insurance
has
been made as aforesaid, the president and trustees for the time being,
as well as
the party insured, shall meet together and ascertain the los or losses
suffered by
reason of such fire, agreeably to the policy of insurance thereof, and
if the said
loss shall exceed five pounds in every hundred pounds value of the said
house,
houses or buildings, then and in such case the said corporation shall pay
to the
person or persons who shall suffer such loss or damage, whatever sum
or sums of
money shall so appear to be sustained as aforesaid, within three months
from the
time the same shall be so ascertained, deducting thereout an allowance
of three
pounds in every hundred pounds so agreed to be paid as the loss or losses
aforesaid,
or shall rebuild or repair the same with all convenient speed, and
pay in
proportion towards such rebuilding or repairing as the sum insured shall
bear to
the value of the said house, houses or buildings; and in case the said
corporation
shall neglect or refuse to pay to the person or persons entitled to receive
any loss
or losses by fire so sustained as aforesaid, within three months after
the said loss
or losses shall be ascertained, (except as aforesaid) or to repair the
said house,
houses or buildings, in manner aforesaid, then, and as often as the
same shall
happen, it shall and may be lawful for the person or persons so entitled
to the
sum or sums of money so ascertained to be due to them for their loss or
losses
aforesaid, their executors or administrators, to apply to the register
of the said
corporation for a certificate of the sum of money so due on the loss or
losses
aforesaid, (which certificate the said register is hereby required and
enjoined to
grant accordingly under the penalty of thirty pounds current money) and
to apply
to the clerk of Baltimore county court, and file in his office the said
certificate,
and order the said clerk to issue an attachment, fieri facias, or
capias ad
satisfaciendum, against the president and trustees for the time being
of the said
corporation, for the said sum or sums of money mentioned in the said certificate,
and the execution or executions so issued, shall be made returnable to
the court
which shall first sit after the issuing thereof, and shall be as valid
and effectual
in law, to all intents and purposes, as if the same had issued on a judgment
regularly
obtained according to the common and ordinary course of proceeding in a
court of law; and if the president and trustees, an the person insured
and
claiming loss or damage, cannot agree on the value of such loss or damage,
he
may sue the said corporation, and declare for money had and received, and
the
jury may ascertain the loss or damage, which shall be paid with costs,
and trial
shall be had the first court, unless the court shall think justice requires
a continuance
of the cause. |
Company
may increase
their capital,
&c. |
XIII. And be
it enacted, That it shall and may be lawful for the said company,
from time to time, to increase their said capital by the addition of so
many
more whole shares as shall be judged necessary by the said company, or
a majority
of them, holding at least sixty-six shares, present at any general meeting
of
the said company for that purpose; and the members of the said company
for
the time being, are hereby declared to have the preference of all other
persons
for the first thirty days after the determination, to increase their capital
as aforesaid;
and all proprietors of such additional shares, shall, and are hereby declared
to be from thenceforward incorporated into the said company, and entitled
to
every benefit and privilege of the original subscribers. |
