The Monmouth inquirer., 1889-08-29

| CHAPTER XI.
An Act to provide for the further regulation of mu
tual fire assurance associations.
l. Be it enacted by the Senate and General Assem-
bly, of the State of New Jersey, That it shall be law
hli for the directors for the time being of any mu
tual fire assurance association, whether ORGANIZED
under any general or special law OF this state 10 DOT
| row money to an amount not exceeding the sum o
twenty-five thousand dollars for and ON behalf OF
said association and in the thereof to pay loss
es and expenses for which the association has OF
hereafter may become liable and to raise moneys by
assessments to pay the sums so borrowed, IN the
same manner as they are now authorized ana dlrect
| ed to raise money to pay losses.
! . And be il enacted, That it shall be lawful for
the directors of any mutual fire assurance assocla
ton whether organized under any general or special
law of this state, whenever they make an assess
ment to assess over and above the amount or the
losses and liabilities unpaid at the time OF making
said assessment, any sum not exceeding teu thou
sand dollars. ,..,-.,,....
| of any mutual fire assurance association shall
amount to the sum of twenty-five thousand dollars
it shall be the duty of the board OF directors thereo
to raise money by assessment to pay the same ana
no neglect or refusal so to do after sixty days notice
from the treasurer that the said liabilities amount 70
the sum of twenty five thousand dollars, the salo 81
reetors so negectng or refusing sna De
sons to whom the same may be due; provided, that
until the liabilities of any such association reach the
sum of twenty-five thousand dollars, the directors
thereof shall neither be personally responsible for
their payment obliged TO make an assessment to
| raise money to pay the same - s =
1 4 And be it enacted That it shall be lawful fol
the directors of any mutual fire assurance assocla
ton whether organized under any general or special
law of this state to Offer in the name of said assoc
alton, such sum or sums of money as in their judg
ment is proper rewards for the apprehension and
conviction of any person persons who shall burn
or cause to be burned any property which said as
sociation has policy of insurance IN force ana &c
raise the money necessary to pay said reward or re-
wards and pay the same in the same manner as tney
are now or may hereafter be authorized to raise and
| pay money for losses.
| s. And be it enacted That it shall be lawful for
any mutual fire assurance association, whether or
ganized under any general or special law OF this
State at the time of issuing it's policy of insurance.
with the assent of the insured to make the whole OF
any part of the loss which may occur under said pol
icy payable any person or corporation other than
the insured who may have an interest In SAID prop
erty and to make Endorsement thereof on the said
policy and that where the assent of the insured to
such appropriation of the money to be paid IN salts
faction Of any loss that may occur under said policy
is indorsed on the application for insurance or sur
yey of the property insured it shall constitute part
of such application survey, and be sufficient au-
thorty to the association for the issuance of said pol
| lev in the manner therein prescribed.
And be it enacted That all acts and parts OF acts
inconsistent with this act be and the same are here
by repealed and that this act shall take effect i'm
mediately.
Approved February 25, 1889.