The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-03

to all the rights and privileges and SUBJ
ject to all the liabilities to which the or
iginal party insured was entitled and
subjected under this act.
SEC. IL. That if any alteration shall
be made in any house or building, by the
proprietors thereof, after insurance has
been made thereon with such company,
whereby it may be exposed to greater
risk or hazard from fire than it was at
the time it was insured, then, and in
every such ease, the insurance made up
on such house or building shall be void,
unless an additional premium aud de-
posit note, after such alteration be settled
with, and paid 20 the directors or their
agents; and it is hereby made obligatory
upon said directors or their agents, after
due notice of said alteration shall have
been given by said proprietors; aud after
the same shall have been accepted by
said directors or their agents, to fix
without delay the amour of said ad-
ditional premium and deposit note but
no alterations or repairs in buildings not
increasing such risk or hazard, shall in
any wise affect insurance previously
made thereon.
SEC. IL. That in case any buildings
situated upon leased lands, and insured
by such company be destroyed by fire,
in such case the directors may retain
the amount of the premium notes given
for the insurance thereof, till the time
for which insurance was made shall have
expired aud at the expiration thereof
the insured shall have the right to de-
mand and receive such part of said re-
tanned sum, or sums, as has not been *.
pended in losses aud assessments.
Sec. Is. That if any insurance on
any house, building or property shall be
made and subsist in such company, and
in any other office, or from and by any
other person or persons at the same time,
the insurance made in and by such com,
pauy shall be deemed and become void,
unless such double insurance subsist
with the consent of the directors or
agents, signifed by endorsement on the
back of the policy sigued by the presi-
dent and secretary.
SEC. IA. No policy ofinsuranee shall
be issued by such company until bona
fide premium notes have been received
to the amount Of twenty five thousand
dollars, which notes shall be prcdicated
upon property to be insured, and shall
not exceed twenty per cent. of the
amount sought to be SO Insured; and IN
addition thereto, such company shall be
in actual possession of at least two thou
sand five hundred dollars in money.
Sec. Is. The affairs of any company
organized under this act shall be man
aged by not more than nine nor less than
five Ai-aoI1rz oil &C yuh0.o ,knl1 he n
bers. Within one month after the Ger.
t~ificate of Incorporation shall nave beer
filed, the persons named therein or any
of them, shall in some newspaper o
general circulation, published in tht
county where the principal Office of. th,
company shall be kept, give notice eff tn
time and place of holding a meeting 70
the election of directors, and the cleo
ton shall be made by the certiiers there
of attending for such purpose, cithe
personally or by proxy, and the direc
tors then and there elected shall cou
tinue in. Office until the first Monday
!, January thereafter, and until other
shall have been chosen to succeed ther
in the trust and shall have accepted tn
same.
4 1GS- =. liz annual htCCEluS IL
the election of directors shall be by ba
t lot, each member shall be entitled to or
y vote either ia person or by proxy, and
: plurality of votes shall be necessary fl
. a choice.
SEC. II. The directors shall ehoo.
by ballot a president from their ON
number, and shall fill all vacancies tn;
may arise in the board or in the PRES
deucy thereof; they shall have power
appoint a treasurer and secretary, al
amy other officers or agents necessar7 {
II transactiDg the business Of the coinpan
l. paying sneh salaries and taking such S
curity as they MY Judge REASONABLE
st they may ordaiu aud establish by-la'
and regulations not Inconsistent with tt
d act or with the constitution and laws
j. this State and of the United States,
D. shall appear to them necessary for reg
~ lating and conducting the business
the company !; and it shall be their du
sh to keep full and correct entries of the
to transactions; which shall at all times
tie open to the inspection of the membe
49, Sec. l9. It shall be the duty
he every such company, in the month
ny January in each year after its organi.
ty ton, to file in the Office of the Audi
,e, of State a statement under the oath
50, the president and secretary, showing.
or First-The name and locality of su
in company.
nd Second-The amount of cash on ha
or belonging to it.
it.: Third-The amount of its availa'
re- bona fde premium notes.
w ~Fourth-Ihc assets Of the compal
including its real estate unincumber
ter the bonds, if any owned by the compa
in. and how they are secured, with the "a
I'm or interest, debts to the company sec
Ter cd by mortgages, DEBTS otherWlse sec
he ed, aud all other securities, assets 9
property. =.
.ay Fifth-The number of its unexpi
policies.
in Sixth-Tho amount of property ms
ed ed.
by Seveuth-The greatest amount all,
nd ed by the rules of the company to be
ses sured in any one risk.
Eighth-The greltest amount allo'
or to be insured in any ono city, town
Ids village.
be Nin,h-The greatest amount all
un- ed to be insured in any one block.
the Teuth-The amount of liabilities
or not due to banks or other credit
ion by the COMP
Eleventh-Losses adjusted and d
Iall Twelfth-Losses adjusted and
rec due.
oti- Thirteenth-Losses in suspense W
n inn furthor prn0f