Page:United States Statutes at Large Volume 10.djvu/877

 THIRTY-THIRD CONGRESS. Sess. II. Ch. 26. 1855. 837 applying to the proper officer thereof and paying any arrearages of assessments that he may then owe the company, when the said officer shall cancel such insurance or insurances as may be in the name of the person or persons so withdrawing ; and also cancel such premium note or notes for which said person is responsible, and return any amount of money which may be due said person on the books of the company; and such person shall be debarred from all claim on this company for any loss or damage by fire, subsequent to the time of such withdrawal and the cancelling such insurance : Provided, That such premium note or notes shall not be can- Proviso. celled or in any manner discharged or given up until all such arrearages are paid, and also all assessments thereupon to be thereafter made on account of liabilities of the company incurred before or at the time of such withdrawal. Sec. 6. And be ttjltrther enacted, That the affairs of said corporation shall be conducted by a board consisting of seven managers, to be elected Bowl of mM- at the annual meetings of the members, and to continue in office until °g°rs’ successors are chosen ; not less than a majority of whom shall be a quorum to do business, but a less number may adjourn from time to time. Vacancies happening in said board may be filled by the remaining managers for the remainder of the year for which they were elected. The board shall choose one of their number as president, and appoint a secretary and treasurer, and such other officers as may be necessary for conducting the affairs of said corporation. Sec. 7. And be it further enacted, That the persons named in this act Corporators to be, and they are hereby, appointed a board of managers of the said mu- b°"h°f"'“b°’“d‘ tual insurance company, until the first annual meeting, and until their successors are chosen, as herein provided; and such of them as shall be present at their first meeting may proceed to organize, by electing a pres- Pf<=Sid¤¤*¤ and ident and secretary thereof, and as soon thereafter as practicable, adopt s°°r°my' by·laws, provide the necessary books, and otherwise prepare the company for the transaction of business, and, when so prepared, to exercise a general superintendence of the affairs of the company: Provided That the said by—laws shall only be made by the concurrent vote of at least By·1¤W¤· two thirds of the whole board of managers, exclusive of the president; and any alteration or amendment shall only be made by a general meeting of the members of the company, at any annual meeting, and two thirds of the votes shall decide; and any alteration thus made, shall be binding on all the members of the company. See. 8. And be itfarther enacted, That the managers may determine Power ofmanthe rates of insurance, the sum to be insured, and the rate of interest to “‘g°“‘ be paid upon the deposit notes, provided it shall not exceed six per cen- Limitation on tum per annum; but no more than five thousand dollars shall be insured ¤P¤°¤¤* of P°lion any one risk, unless the premium notes shall amount to over one °*°°' hundred thousand dollars, and in that case no risk to exceed five per centurn on the whole amount of premium notes. Sec. 9. And be it further enacted, That every person who shall become a member of said corporation by effecting insurance therein, shall, before _ he receives a policy, deposit his promissory note for such sum and upon P’°““““" “°*°S· such interest, not exceeding six per eentum per annum, as may be determined by the managers; and said note, and all interest paid thereon, shall be liable, in part or the whole, at any time, when the managers shall deem the same requisite for the payment of losses and such incidental expenses as may be necessary for transacting the business of said company, in proportion to the amount of said notes. Sec. 10. And be ttfurther enacted, That suits may be commenced by Suits for losses. any member against this corporation for damages sustained by fire, if payment is withheld for more than sixty days after the company are duly notified of the same; and no member of this corporation, not being in his pelgzfbf individual capacity a party to such suit, shall be incompetent as a witness mgm. in such suit on account of his being a member of said company.