River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-05-18

insured, whlen record snail he kept open tor
the inspection OF al the members OF such
company from the hours OF nine O'clock a
M, to four o'clock p. m, OF each secular day,
the established holidays excepted.
Section 4, The directors OF such company
may issue such policies, signed bv the presi.
dent and secretary, agreeing IN the name Of
the company pay all less or damages which
may be sustained by fire or lightning, for a
term not exceeding live years, by the holders
OF such policies, and not exceeding the sum
named in such POLICY
Section 8 Every person so insured shall
give his undertaking, bearing even date with
the policy so issued 10 him. binding himself,
his heirs and assigns, TO pay his pro-rata share
TO the company of all losses or damage by fire
or lightning which may be sustained by any
member thereof, and every such undertaking
shall, within ten days after the acceptance by
the said company OF said undertaking, he
| filed IN the office Of the secretary of such com.
pAny, and shall remain on file in such Office
except when required 10 be produced in court
as evidence. He shall also, At the time OF
ehecung such insurance, pay such percentage
IN cash, and such reasonable sums for policy
as may he required by the rules or bylaws Of
the company.
Section 8. Every member OF such company
who may sustain loss or damage by fire or
lightning shall Immediately notify the presi-
dent OF such company, or in his absence the
secretary thereof, who shall forthwith convene
the directors OF such company, whose duty il
shall be when so convened. 10 appoint com.
mittee of not less than three nor more than
i've members OF such company, 10 ascertain
the amount OF such loss or damage, and in
,ase OF the inability Of the parties to sgiee
upon the amount OF such loss or damage, the
claimant may appeal TO the Judge OF the coun.
ty court OF such county, whose duty II shall
he to appoint three disinterested persons as =
committee of reference, who shall have full
authority TO examine witnesses and To deter
mine all matters in dispute, who shall make
their award in writing TO the president, or IN
his absence TO the secretary Of such company
which award thereon shall be final The said
committee OF reference shall each be allowed
the sum OF two dollars per day, for each day !;
servlee SO rendered, and the sum OF five cents
per mile necessarily travelled in the discharge
of such duties, which shall be paid hy tie
claimant, unle the award ot said committee
shall exceed the sum offered by the company
in liquidation Of such loss on damage, in which
case said expenses shall be PAID 10y the com.
pany.
Section 7. The company formed under the
provisions OF this act may classify the property
Insured at the time OF Issuing policies there.
on, under different rates, CORES ponding as
nearly as may be 10 the greater or les, risk
from fire. and loss which may attach to each
several buildings or personal property insured
Whenever the amount Of any loss shall he
| asceTtained which eXceeds the amount Of the
cash funds OF the company, tae president shall
convene the directors of said company, who
shall make an assessment upon all property
| insured to the amount tor which each several
| piece of property is insured, taken in connec-
ton with the rate Of premium under which it
may have been classified.
| Section $. II shall be the duty of the score
| tary, whenever such assessment shall have
been completed, to Immediately notify every
person composing such company, by letter,
sent to his usual postofhee address, Of the
amount of such loss and the sum due from
him as his share thereof, snd Of the time when
and to whom such payment Is 10 be made,
| but the time shall not h. less than sixty nor
more than ninety days from the date OF such
notice, and every person designated TO re-
ceive such money may demand and receive
two per cent. in addition 90 the amount due on
! each assessment as aforesaid, Tor his fees in
receiving and paying over the same.
Section 9. Suits at law may be brought
against any member of such company who
shall refuse or neglect to pay any assessment
made upon him, by the provisions OF this act
and the directors Of any company SO formed
who shall willully neglect or refuse to perform
the duties imposed upon them by the iorego.
ing sections OF this act shall be liable in their
individual capacity TO the person sustaining
such loss
Section 10 No company formed under the
provisions OF this act shall insure any property
in any city or incorporated village in this
state, nor shall such company insue any
property out OF the town or towns la which
| said company is coated; prOpiaed, hOiBeper.
that any existing company shall be considered,
| without reorganization or other act, as com
| prsiog such town OF towns as such company
may have effected insurance in; and prOuided
further, that adjoining towns may I've at
| taohed TO aud become part OF the territory Of
any town insurance company by the act Of the
mcabers OF such company, at the annual
meeting thereof, but such act snail require an
affirmative vote OF majority Of all the shares
or stock composing such company.
Section n. No company formed under this
| act shall insure any property other than de-
tached dwellings and Their contents, farm
buildings aud their contents, live stock on the
premises or running at large, farm products in
the stack or bin, aud farming implen ents;
p rOuided, hOreper, that any such company, at
its annual meeting may, by majority vote OF
mem 1ers thereof, authorize lis directors to
insure country stores and their content
school houses, churches, town and society
| halls, but such risk shall not exceed fifteen
| hundred dollsrs in any one case
Section ~ The directors Of such company
shall be chosen by ballot, at the annual meet
ing thereof, which shall he held on the first
Tuesday Of January in each year, unless other
wise ordered by majority OF the voters of
| such company, and every person shall have
one vote for each two hundred dollars, for
which he or she may lie insured, at said cleo
ton or in the transaction OF any business, but
no person shall he allowed TO vote by proxy,
excepting women pr0ufdsd, that If the day
| hereInbeiOTe liked TOR such annual meeting
shall tall upon the first day Of January or upon
any legal holiday, then the said meeting shall
| be held upon the next succeeding day upOn
| which business may he under the laws OF this
state lawfully transacted
Section ~ II shall he the duty of the secre
| iary OF every such com1any 10 prepare a state
nent showing ,e condition OF such company,
on the day preceding their nal meeting,
which statement shall contain the amount
insured by each policy, the number Of policies
| issued, and TO whom, aud the Aggregate
amount insured, and all other matters pertain.
| ing 10 the interests OF such company, VIII ch
statement shall he filed in the Office Of the
| town clerk of the town In which said COMPANY
I've located, on or before the fifteenth day Of
January in each year, and which statement
shall also h. read 10 the members Of said com.
| pany at their annual meeting
| Section "a ANY member Oi such COMPANY
may withdraw thereifun At any time, by civ.
| ing notice IN writing 70 the president, ~ W
! his absence 10 the secretary thereof, and ply.
| ng his share Of all claims then existing against
said company, and the directors, or a maiorty
thereof, shall have pOger to annul any policy,
| by giving notice M wntil ~ that ciiet b. tho
| holder thereof
Section ib Non.re.dents of sny town in
this state, owning property therein, may he
| come members Oi any company formed under
| tins act, and shall ~ entitled 10 all rights aud
privileges appertainmy thereto, except that II
| shall not h. lawful for such non. resident o. re-.
| come director oi said company.
! section 10. The company 80 formed may
adopt such by laws ior ils regulation rs are not
inconsistent with the provisions 81 this act,
and NAV therein prescribe the compeu ation
\ OF rs officers.
Section " Al companies heretofore o..