The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-07-09
THURSDAY. July 8, 1868.

ssC CuuAl usAvC Oo0tS putCH6bOU ~ B8tO6
upon Judgments, decrees, or mort
gagos obtained or made for such
debts; and It shall not be lawful for
any such company to purchase, hold,
or convey roal estate in any other
casc or for any other purpose, or nc
quired in any other manner, except
that II may convey real estate which
shall be found, in the course Of its
business, not necessary for its con-
venient accommodation in the trans
action thereof; and all such Last men.
toned real estate shall be sold and
conveyed within three years after
tho same shalt havc boon decmcd BY
tho Auditor Of State unnecessary
for such accommodation, unless tho
company shall procure q certificate
from tho said Auditor that tho inter
csts Of said company will inateri ally
suffer by q forced sale, in which event
tho sale may bo postponed for such
. poriod as tho said Auditor shall al.
rect in said certificate. fiis
Sec. II. All notes deposited with
any mutual insurance company iat
tho timc Of its organization, AZ pro,
vided 10 section three hereof, shall
remain as security for all losses and
claims until tho accumulation Of the
profits invested ~ required by the
sixth section of this net shall equal
the amount Ut cash capital required
to be passed by stock companies or
ganized under this act, tho liability
of each noto decreasing proportion
atcly as tho profits arc accumulated;
but any note which may have boon
deposited with any mutual insurance
company subsequent to les organize
tion, In addition TO the cash premi-
ums on any insurance effected with
such company, may, at tho oxpira-
tion of the time Of such insurance,
or upon the cancellation BY the COM
pany Of tho policy, be relinqrished
and given up to the maker thereof,
or his legal Representatives, upon his
paying his proportion of losses and
expenses which may have accrued
thereon during such term. The di-
rectors or trustees Of any such COM
pany shall have the right to deter.
mine tho amount Of tho note 70 be
given in addition 10 cash promium
by any person insured In such CON-
pany; and evcry person effecting in-
surancc in any mutual company, and
also their hcirs, executors, admins
traitors, and assigns, continuing 10 be
so insured, shall thereby become
mombors Of said company during tho
period Of insurance, and shall be
bound 10 pay for losses and such
necessary expense as aforesaid, &c
cruing to said company, in proper
tion TO tho amount Of his or their de-
post note or notes: Provided, That
any person insured in any mutual
company, except in the case of notes
required by this net t0ibs deposited
at the time of its organization, may
at any time return his policy for can
collation., and upon payment Of tho
amount due at such time upon his
premium note, shall DO discharged
from further liability thereon. !
Sec. Is The directors shall, az Of
ten as they deem necessary, aftor ro-
receiving notice Of any loss or dam
age, settle and determine the sum TO
bc paid by tho several members
thereof as their respective portion of
such loss, and publish tho Same in
such titanner as they shall deem
proper, or the bylaws shall havo
prescribed; but the sum to be paid by
each mombcr shall always be in pro-
portion to the original amount ofhis
deposit note or notes, and shall be
paid to tho officers of tho company
within thirty days after tho publioa-
tion Of said note; aud ifany mombor
shall, for the space thirty days after
pcrconal demand or by letter for
payment shall have bcch made, neg-
lcct or refuse to pay the sum assessed
upon him as his proportion of any
loss aforesaid, tho directors may sue
for and recover tho whole amount of
his deposit note or notes, with costs
of suit; but execution shall issue for
and costs ae they accrue
only, and every such execution shall
bc accompanied by . list of losses for
which tho assessment was made. 4 If
tho whole amount Of deposit notes
shall be insufficient to pay tho loss oc-
casioned, tho sufferers insured by
the said company shall receive, to-
ward making good their respective
losses, q prQportionatc share Of the
whole amount of said notes, accor-
ding to the sum TO them respectively
insured; but no member shall eyer be
required to pay for any loss moro
than the whole amount of his depos-
it note or notes.
Sec. 10. Every insurance compa-
ny hereafter organized as provided
in this act, shall, if it bo mutual
company, cmbody the word *mutu-
al" in its title, which shall appear up.
on tho page Of every policy and re-
ncwal receipt; and every company
doing business - . cash stock COM
pany shall, upon the face Of its poll.
cics, express in some suitable mans
nor that such policies were issued by
stock companies. q g
Sec. 20. 1t shall be tho duty O1
tho president, or vicc president and
secretary of each company or.
ganized under this net, or incorpo
rated under any law of this State o.
doing business in this State, annual
ly, on the first day of January o
each year, or within twenty day
thereafter, to prepare under oath
and deposit in the Office ofthe Audit
or of State, q full, true and complete
statement of the condition OF sucf
company on the last day Of thu
mouth preceding that in which suct
statement is fled, which last state
mont shall exhibit tho following
items and facts in the following form
viz:
First-Thc amount Of the capita
stock of tho company.
Sccond-The name Of the officers
Third The: name Of the company
and whore located.
Fourth Tho amount of its capita
stock paid up.
Fifth-Thc property, or assets
held by tho company, specifying,
l. The value as nearly Ms may be
OF tho real estate owned BY sucl
company.