Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-05-27

procure Ceruucote rom the oolo AudltOr Snet
the interests Of said company will materially
suffer b. forced sale, in which svent the sale
may be postponed for such period - the said
Auditor shall direct in said certificate.
Ssc. II. All notes deposited with any mutual
insurance company ct the time Of its organiza.
tios. - provided IN section three hereof shall
remain 40 security for all losses aaa claims I'M
til the accumulation Of the profits invested - re
qured by the sixth section Of this net shall equal
the amount of cash capital required to os pos
sesseo by stock companies organized under this
act the liability Of each note decreasing proper
ticnately rs the profits are accumulated; but any
note which may have been deposited with any
mutual insurance company subsequent to its Or
ganiratieu, in addition to the cash premiums on
any insurance effected with such company, may
at the expiration Of the time Of such insurance,
or upon the calculation by the company Of the
policy, be Eslisquishsd and gives up to thema-
ksr thereof or his legal representatives.. upon
his paying his proportion of losses and expenses
which may hsvs accrued thsreoa 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
company; and every person sfFscting Insurance.
in any mutual eompaay, snd alsO their heirs. "
eoutofs, sdoinistr6tOFs. ard aseienb, coutiBuinn
10 be 20 insured, shsil thereby become nsmberl
and shalt Be bound p pay for losses and such
necessary expenses % afcressid, sccruing y said
company, in proportion 10 the amount u HE Of
their deposit note or notes: Provided, That any
person Insured in any mutual Company. except
10 the esss 81 notes required BY this act 70 be dc
posted - shs time Of its esgaaisatios, nay q
any sine return bis policv Tor cancellation, and
upon pat ment Of the amount due at such time
upoa his premium note, shall Be dischareol
from farther liability thereon.
SEC. 1e. The directors shall, a. eften - they
deem necessary. after receiving notice Of any less
or damage, settle and determine the sums 70 be
paid by the several members thereof a. their re-
epective portion Of such loss, and publish the
same in such manner they shall deem proper,
or the by-laws shall have preacribed but the
sum TO BE- paid by each member shall always be
in proportion TO the original amount Of his de-
posit note or notes. ard shall b paid to the OIL
GERS Of the company within thirty days after the
publication Of said notice: and il eny member
shall, for the space osthirty days alter personsi
demsnd or by letter for pay ment shall have been
made. neglect or refuse to pay the sum assessed
upon him a. his proportion Of any loss aforesaid,
the directors may sue for and recover the whole
amount Of HE deposit note or notes, with costs
Of suit; but execution shalissus for assessments
and costs % they accrue only. and every such
e1ecution shalf Be accompanied BY list o. loss.
% for which the oeeeosmast Was Dade. II The
whole amount Of depesit netss shsli b iasuGl-
eient 70 pay Ne ~ eeoos6oaed, the 1asForo
insured bv the Sad company sham receive. to.