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CHAP. XX

of losses.

quent to its organization, in addition to the cash premium on any insurance effected with such company, may, at the expiration of the time of such insurance, be relinquished and given up to the maker thereof or his representative, upon his paying his proportion of all losses and expenses which may have accrued thereon during such term. The directors or trustees of any such company shall have the right to determine the amount of the note to be given in addition to the eash premium by any person insured in such company; but in no case shall the note be more than five times the whole amount of the cash premium. And every person effecting insurance in any mutual company, and also their heirs, executors, administrators and assigns, continuing to be so insured, shall thereby become members of said corporation during the period of insurance, and shall be bound to pay for losses and such necessary expenses, as aforesaid, accruing in and to said company, in proportion to the amount of his deposit note or notes. The directors shall, as often as they Settlement deem necessary, after receiving notice of any loss or damage by fire sustained by any member, and ascertaining the same, or after the rendition of any judgment against said company for loss or damage, settle and determine the sums to be paid by the several members thereof, as their respective portion of such loss, and publish the same in such manner as they shall see fit, or as the by-laws shall have prescribed; and the sum to be paid by each member shall always be in proportion to the original amount of his deposit, note or notes, and shall be paid to the officers of the company within thirty days next after the publication of said notice; and if any member shall, for the space of thirty days after the publication of said notice, and after personal demand for payment shall have been made, neglect or refuse to pay the sum assessed upon him as his proportion of any loss, as aforesaid, in such case the directors may sue for and recover the whole amount of his deposit, note or notes, with costs of suit; but executions shall only issue for assessments and costs as they accrue, and every such execution shall be accompanied by a list of the losses for which the assessment is made. If the whole amount of deposit notes shall be insufficient to pay the loss occasioned by any fire or fires, in such case the sufferers insured by the said company shall receive, towards making good their respective losses, a proportional share of the whole amount of said notes, according to the sums by them respectively insured, but no member shall ever be required to pay for any loss occasioned by fire or inland navigation more than the whole amount of his deposit note.

25 B., 113; 21 B., 221.

Thus amended by Laws of 1854, ch. 369.

14. It shall be lawful for any mutual insurance company, To unite established in conformity with the provisions of this act, to a capital unite a cash capital to any extent, as an additional security al security.

as addition

PART 1

Face of policy, what to

to its members, over and above their cash premiums and premium notes; provided, that such cash capital shall not be less than thirty thousand dollars, and which additional cash capital shall be loaned and invested as provided in the eighth section of this act; and the company may allow an interest on such cash capital, and a participation in its profits, and prescribe the liability of the owner or owners thereof to share in the losses of the company, and such cash capital shall be liable as the capital stock of the company in the payment of its debts; provided, that such cash capital shall in all cases be paid in at the organization of the company, and satisfactory evidence of that fact furnished to the comptroller. Any existing joint stock fire insurance company, and any company formed under this law, may (the written consent of the holders of three-fourths in amount of the stock first being had) permit the insured to participate in the profits of the business of such company, and provide how far any script, issued to the insured for such profits, shall be liable for the losses to be sustained; and any company so doing, whenever an amount not less than one hundred thousand dollars has been accumulated and script so issued therefor, may, with the written consent of the holders of three-fourths in amount of the stock, pay off and cancel an amount of the original cash capital equal to one-half of the accumulated profits, and so may continue from time to time until the whole amount of the original cash capital is paid off; provided, that before any portion of such capital stock shall be so paid off, proof shall be exhibited to the comptroller than an amount of accumulated profits has been realized, script issued therefor, and investments made thereof, pursuant to the provisions of the eighth section of this act, at least equal to double the amount so desired to be paid off and canceled, and the comptroller shall also first certify that he is satisfied with such proof.

S 15. Every fire and inland navigation insurance company hereafter organized shall, if it be a mutual company, embody appear on the word "mutual" in its title, which shall appear on the first page of every policy and renewal receipt; and every company doing business as a cash stock company shall, upon the face of its policy in some suitable manner, express that such policy is a stock policy.

Suits may be maintained.

Trustees

S 16. Suits at law may be maintained by any corporation, formed under this act, against any of its members or stockholders for any cause relating to the business of such corporation; also suits at law may be prosecuted and maintained by any member or stockholder against such corporation for any losses which may have accrued, if payment is withheld more than thirty days after such losses may have become due; and any member or stockholder, not individually a party to such suits, may be a witness therein.

$17. The trustees and corporators of any company orgarators to be nized under this act, and those entitled to a participation of

and corpo

CHAP. XX.

the profits of such company, shall be jointly and severally responsible liable for all debts or responsibilities of such company, until for debts. the whole amount of the capital of such company shall have been paid in and a certificate thereof recorded, as hereinbefore provided. Notes taken in advance of premiums under this act, are not to be considered debts of the company in determining whether a company is insolvent, but are to be regarded as assets of the company.

companies.

S18. Any existing joint-stock fire insurance company here- Existing tofore incorporated under the laws of this state, and any company organized under this act, having a capital of at least one hundred and fifty thousand dollars, may, without increasing its capital, at any time, within two years previous to the termination of its charter, after giving notice, at least once a week for six weeks successively in a newspaper published in the county where such company is located, of such intention, and with a declaration, under its corporate seal, signed by the president and two-thirds of its directors, of their desire for such extension, extend the term of its original charter to the time specified in the twenty-sixth section of this act, by altering and amending the same so as to accord with the provisions of this act, and filing a copy of such amended charter, with the declaration aforesaid, in the office of the Superintendent of the Insurance Department, whereupon the same proceedings shall be had as are required in the tenth section of this act; and any mutual insurance company heretofore incorporated or organized under any of the laws of this state, having surplus assets aside from premium and stock notes, sufficient to reinsure all its outstanding risks, after having given notice once a week for six weeks, of their intention, and of the meeting hereinafter provided for, in the state paper, and in a newspaper published in the county where such company is located, may, with the consent of two-thirds of the corporators or members present at any regular annual meeting, or at any special meeting duly called for the purpose, or with the consent in writing of two-thirds of the corporators or members of such company, and the consent also of threefourths of the trustees or directors (unless otherwise provided in the charter), become a joint-stock company, by conforming its charter to and otherwise proceeding in accordance with this act; and every member of such company, on the day of said annual or special meeting, or the date of said written consent, shall be entitled to priority in subscribing to the capital stock of said company, for one month after the opening of the books of subscription to such capital stock, in pro portion to the amount of cash premiums paid in by such members, on unexpired risks in force on the day of said annual or special meeting or the date of said written consent; and every company so extended or changed, shall come under the provisions of this act, in the same manner as if it had been incorporated originally under this act. Every mutual insu

PART L

Capital may be increas

od.

Companies formed under act of 1849, brought

under this act.

rance company heretofore incorporated under the laws of this state, and doing business with a capital, in premium notes, of at least fifty thousand dollars, may, at any time, within two years previous to the termination of its charter, without increasing its capital, after giving notice, at least once a week for six weeks successively, in a newspaper published in the county where such company is located, of such intention, and with a declaration, under its corporate seal, signed by its president and two-thirds of its directors, of their desire for such extension, extend the term of its original charter to the time specified in the twenty-six section of this act, by altering and amending the same so as to accord with the provisions of this act, and filing a copy of such amended charter, with the declaration aforesaid, in the office of the Superintendent of the Insurance Department, whereupon the same proceedings shall be had as are required in the tenth section of this act, except as to its capital, which shall be certified to be in accordance with the provisions of this section, applicable to the reorganization of mutual insurance companies. Every mutual insurance company so extended shall, except as to the amount of its capital, come under the provisions of this act, in the same manner as if it had been incorporated originally under this act.

Thus amended by Laws of 1862, ch. 367.

$ 19. Any existing fire insurance company, and any company formed under this law, may at any time increase the amount of its capital stock, after notice given once a week for six weeks in the state paper, and in any newspaper published in the county where such company is located, of such intentions, with the written consent of three-fourths in amount of its stockholders, unless otherwise provided in its charter, or if a mutual company, with the unanimous consent of its trustees, unless otherwise provided in its charter, by altering or amending their charter in this respect, and filing a copy of their charter so amended, together with a declaration under its corporate seal, signed by its president and directors, of their desire so to do, with such written consent of three-fourths in amount of its stockholders, or the unanimous consent of the trustees as aforesaid to such increase, in the office of the comptroller, and upon the same proceedings being had as are required by the tenth section of this act.

$20. Such companies as may have been incorporated or extended under the "Act to provide for the incorporation of insurance companies," passed April 10th, 1849, are hereby brought under all the provisions of this act, except that their capitals may continue of the amounts named in their respective charters during the existing term thereof, and are also entitled to all the privileges granted by said charters.

31 B., 116; 25 B., 113.

CHAP. XX.

S21. All companies incorporated or extended under this Bodies cor act shall be deemed and taken to be bodies corporate and porate and politic. politic, in fact and in name, and shall be subject to all the provisions of the Revised Statutes, and acts supplemental thereto, in relation to corporations, so far as the same are applicable.

annual

tion of

$22. It shall be the duty of the president or vice-president To make and secretary of each company organized under this act, or statement incorporated under any law of this state, annually, on the of condifirst day of January, or within one month thereafter, to pre- company. pare, under their own oath, and deposit in the office of the comptroller of this state, a statement of the condition of such company on the thirty-first day of December then next preceding, exhibiting the following facts and items, in the following form, namely:

FIRST. The amount of the capital stock of the company. SECOND. The property or assets held by the company, specifying,

1. The value, or nearly as may be, of the real estate held by such company.

2. The amount of cash on hand and deposited in banks to the credit of the company, specifying in what banks the same are deposited.

3. The amount of cash in the hands of agents and in course of transmission.

4. The amount of loans secured by bonds and mortgages, constituting the first lien on real estate, on which there shall be less than one year's interest due or owing.

5. The amount of loans on which interest shall not have been paid within one year previous to such statement.

6. The amount due the company on which judgments have been obtained.

7. The amount of stocks of this state, of the United States, of any incorporated city of this state, and of any other stocks owned by the company, specifying the amount, number of shares, and par and market value of each kind of stock.

8. The amount of stocks held thereby as collateral security for loans, with the amount loaned on each kind of stock, its par value and the market value.

9. The amount of assessments on stock or premium notes paid and unpaid.

10. The amount of interest actually due and unpaid.

11. The amount of premium notes on hand on which policies are issued.

THIRD. The liabilities of such company, specifying,

1. The amount of losses due and yet unpaid.

2. The amount of claims for losses resisted by the company.

3. The amount of losses incurred during the year, including those claimed and not yet due, and of those reported to the company upon which no action has been taken.

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