The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1906-05-12
rCHAPTER 81

ICHAPTER 3D.
AN ACT to repeal Sections 4, 9, IL
and IA OF the Acts of the General
Assembly of Maryland, Chapter lis:
passed by the General Assembly of
Maryland, at the December Session,
1S45, as amended by the Act of the
said Assembly, passed at the jan
uary Session. 1888, Chapter 81, and
to re-enact the same with amend
ments. to be known as 4, and 10,
relating to the obtaining and filing
of judgments on premium notes and
to methods of assessments.
WHEREAS, 1t is represented to the
General Assembly that the members
Of the Mutual Fire Insurance Company
of Kent County, at a meeting called
in accordance with the eighth section
of this charter, determined that it
is desirable for the company and for
the community to have it's charter
amended; therefore be it enacted by
the General Assembly of Maryland,
that Sections 4, 8, 10 and IA of the
Act to incorporate the Mutual Fire In
Chapter 11S, passed by the General
Assembly of Maryland, at the Deem
Der Session, A. d. 1854, and amended
by the Act of said General Assembly.
Chapter 81, January Session, 1888, he
and the same are hereby repealed.
amended and re-enacted so as to read
as follows:
Section 4. And be it enacted. That
oil pTOmlSSOTy NOTES, HOI6S u IdnO,
or other evidence of debt held by the
said company, which have been given
and may hereafter be given thereto
for premiums of insurance, shall be
liable for all losses and expenses of
the company, and upon the failure of
the makers of the same to pay such
notes, either in whole or in part, as
may be demanded by the president
and directors of the company, the presi-
dent and directors of the company
may proceed to collect the same by
due process of law.
Section 8. At the end of each calen-
dar year, or earlier. at the option of
3he board of directors, it shall be the
duty of the said board of directors
to ascertain whether or not the in
come of the company has been suffi-
cient to pay the losses and expenses
of the company, and in the event
that the losses and expenses of the
company have exceeded the income and
surplus fund of said company, and
one per cent of the premium notes
held by the company, then the di-
rectors shall assess upon all property
holders whose policies are more than
one year old, not having sufficient to
the credit of their policies to meet
their proportionate part of such de-
hc1ency, their proportionate part of
such losses and expenses, and shall
give notice of the same to such policy
-~7elders- -aDd-upon their failure to pay
the same sixty days from the Time OF
cNStl lOliSS DSluS lSouSu' SdlQ ulI SClOlo
shall proceed to collect the same by
y due process of law. But the directors
shall not allow at any time the losses
and expenses of the company to exceed
its income and surplus fund to an
amount exceeding one per cent of it's
premium notes without making an
assessment upon it's premium notes as
heretofore provided for.
Sections 10 and IA, And be it en-
acted. That in all cases where pro-
perty may be insured under this Act,
where an assessment upon any policy
of the company has been made, after
due notice has been given, the party
insured shall have sixty days to pay
such assessment, and after the ex-
piration of the said sixty days. in case
the said assessment has not been paid.
the said policy holder or policy holders
shall forfeit all benefit under his or
her policy. and the company shall not
be liable for any loss that may occur
under any of his or her policies until
such assessment or assessments have
been fully paid. but such payment
after default shall reinstate the policy
or policies only from the time of such
payment, and the company shall not
be liable for any losses that may oc-
cur during the time of such default
under any of the policies of the said
policy holder or holders.
Approved February 81, 1906.
EDWIN WAKEFIELD.
Governor.
JOSEPH B. SETH
President of Senate.
CARVILLE d. BENSON.
Speaker of House of Delegates