Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-05-14
mo. 1871 AN ACT.
To authorize the Incorporation of Mu-
81 tuol Insurance Comnanies

l[No. 113.1 AN ACT. ...e.
To authorize the Incorporation of Mu-
tual Insurance Companies.
SECTION l. Be it enacted by the Gen
eral Assembly of the State of Ohio, That
when any number of persons, as required
by the first section of the act entitled
q an act. to provide for the creation and
Regulation of incorporated companies in
the State of Ohio" passed May 1st, one
thousand eight hundred and fifty-tw
associate to form mutual fire insurance
company, they shall, under their hands
and seals, make a certificate, specifying
the name assumed by such company,
and by. which it shall be known, the
object for which said company shall be
formed, and the place where the princi-
pal office of said company. shall be
located J. WHICH. certificate shall be ac-
knowlcdgcd, certified and forwarded to
the Secretary of State, and shall be, re-
corded and copied in the same manner
as is provided in the second section of
said act; and said persons, when SO in
corporated, are hereby authorized to
carry on the business of insurance, as
named in'such certificate of. incorpora-
ton, and by the name and style pro
vidcd therein shall be deemed body
corporate, with succession : they and
their associates, successors and assigns,
to have the same general corporate
powers and be subjected to all the obi
cations and restrictions of said act, and
Of the acts amendatory and supplement
tary thereto except as herein provided,
SEC 3 1t shall be lawful for any
company organized under this act, to
insure houses, buildings and all other
kinds of property, against loss or damage
by fire in this State, whether the same
shall happen by accident, lightning or
any other means. excepting that of de
sign in the insured, or by invasion of an
enemy, or insurrcctien of the citizens of
this or any of the United States, and
generally to do and perform ell other
matters and things proper to promote
these objects. sz III %. sd.
SEC. 3. That all and every person
or persons who shall at any time be-
come interested in such company, by
insuring therein, and also their respect.
i've heirs, executors administrators and
assigns, continuing to be insured therein,
as hereinbefore provided, shall be deem
ed and taken to be members thereof, for
and during the terms specified in their
respective policies and no longer, and
shall at all times be concluded and
bound by the provisions of this act
SEC. 4. g That every person who shall
! become member of such company, by
effecting insurance therein, shall, before
he receives his policy, deposit his pro-
missory note for such sum of money
as shall be determined by the directors,
part not exceeding five per cent, of
which said note shall be immediately
paid, for the purpose of discharging the
incidental expenses of such company;
and at the expiration of the term of in
surance, the said note, or such part of
the same as shall remain unpaid after.
deducting all losses and expenses accru-
ing during said term, shall be relin-
quishea and given up to the signcr
thereof. --a ta 7- .''.- '-'..s.t1' lt-j
Sec. 5. That every member of such
1 company shall be, and hereby is, bound
and obligated to pay his portion of all
losses and expenses happening or accru-
ing in and to such company to the
amount of his deposit note and all
buildings insured by and with said as
Surance, toSeCncr WlCn the right, title
and interest of the insured to the lands
on which they stand, shall be pledged
to such company; and such company
shall have a lien thereon against the in
sured during the continuance of his, her
or their policies. ~ t.s' -... -. ..
Sec. 6. That in case of any loss or
damage by fire happening to any mcm-
Der upon; property insured in and with
such. company, the said member shall
give notice thereof, in writing, to the
directors, or some of them. or the Seere-
tary.Of such company within thirty days
from the time such loss OF damage, may
q have happened; and the directors, upon
view of the same, or in such other way
as they may deem proper, shall ascertain
and determine the amount of said loss
or damage; and if the party suffering is
not satisfied with the determination of
IN