Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-02-17

said Company shall have lien thereon ]
against the insured, during the continuance
Of his her or their policies, TO sny sum not
exceeding the amount of the deposite note.
SEC. 10. That if any additions, altera-
tions or new structure of buildings shall be
made TO any house or other building.
whether done by the proprietors thereof
or other persons, after insurance has been
made thereon, whereby it may be exposed
to greater risk or hazard from fire than it
was at the time it was insured, in every |
such case the insurance made upon such
buildings or property shall be VOID. unless
the additional risk or hazard be notified to
the Directors or Secretary of said Compa-
nv, and until such alterations have been
made and settled to the satisfaction of said
Directors; but no alterations, additions or
new structure of buildings not increasing
such risk or hazard, shall in any wise affect
insurance previously made thereon.
SEC. IL. That the Directors shall at
their first meeting divide themselves, by
lot, into three classes of an equal number
| each; the term of the first class shal! ex-
pire at the end of one year, the term OF the
second class shall expire at the end OF two
wears. the term of the third class shall ex-
Dire at the end of three years, and so on
each and every year; but nothing in this
section shall be so construed as to render
any Director ineligible for reelection
SEC. IL. That the said Company may
make insurance for any term not exceeding
ten years, and any policy ofinsurance issued
by said Company, signed by the President
and countersigned by the Secretary, shall
| be deemed valid and binding on said Com
pany in all cases when the insured has a
title in fee simple, unlncumbered, to the
building or buildings insured and to the
land covered by them; but if the insured
have a less estate therein or if the premises
be incumbered, the policy shall be void,
unless the true title of the insured and the
incumbrance of the premises be expressed
therein and in the application therefor; and
in case OF any loss on incumbered property
as aforesaid, the amount of claim against
the Company shall in no case exceed the
interest Of the insured that is cont aimed in
the premises. @ --
Sec. IS. That the Directors shall settle
and paw all losses within three months af-
ter they shall have been notified as afore-
said; but no allowance is to be made in
estimating damages, in any case, for gliding,
historical or landscape painting, stucco OF
carved work.
Sec. IA. That if at the time any person
or persons shall apply to said Company for
: insurance of property, the same property
shall have been insured in any other COM
pany by any other person or persons, it
shall be the duty of such person or persons
so applying for an insurance by this Com
pany, to make known the fact of such pre-
existing insurance, the amount thereof, and
the name of such company, person or per.
sons, and the same being endorsed upon
the policy shall be signed by the insured
and if at any lime after property has been
insured in this Company, the person or per.
sons so insured shall wish to insure said
property in any other company, or have ii
insured by any other person or persons
such person or persons shall first obtain the
consent of this Company thereto and the
amount of such subsequent insurance shall
be specified and signed by the President
and Secretary of this Company and en-
dorsed on the policy. and any insurance
obtained or effected in violation Of any part
of this section shall be void and of no bind
) ing effect on said Company.
Sec. Is. No building or other property
shall be insured by said corporation, except
dwelling houses, out houses, barns and
other buildings connected with and apper-
tanning to farms and grain, and all other
produce remaining in such buildings or
upon the farm, aud such household fl1rni-
ture, farming implements and other pro-
perty appertaining to farms, as may be in
such buildings Or on the farm to which
they appertain; and no one risk exceeding
. two thousand dollars shall be taken by this
Company.
SEC l6. This act shall continue in force
for twenty years from and after the passage
thereof; at the expiration of which term
the Directors shall make a final settlement
of the affairs of said Company, showing the
amount of funds remaining on hand OF
otherwise, after discharging all just and
legal demands upon said Company, which
statement shall be made in the last annua
report of the Company; the balance, if any
shall be distributed, and within one yea
thereafter be paid over to the members o
said Company who shall have been sucl
for at least one year before the expiration
of said term, or to their legal representa-
tives, in proportion to the amounts of theil
respective deposite notes then held by the
Company. ...s 7.
SEC. II. 1t shall be lawful for said cor.
poration to loan such portion of their money
on hand as may not be Immediately want
ed for the use of said corporation, to be Sc.
cured by bond, or note and mortgage or
unincumbered real estate of donble the
value of the sum loaned. and subject to be
called in on notice of not less than three
months. a.E..
Sec 1s. That the Office of said Company
shall, during the continuance of the Com.
pany, be located in the township of Ra