The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1906-05-18
TcHApTER All

LCHAPTER BIZ
AN ACT to repeal Sections 4. 9. 1S
Assembly of Maryland Chapter lis,
passed by the General Assembly Of
Maryland, at the December Session.
1S45, as amended by the Act of the
uary Session, 1888, Chapter 81, and
to re-enact the same with amend
ments, to be known as 4, 9 and IL,
relating to the obtaining and Ming
of judgments on premium notes ana
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 meeting called
in accordance with the eighth section
Of this charter determined that 1T
Is desirable for the conn company ny ana ha Tor TOT
amended; therefore be it enacted by
the General Assembly of Maryland.
that Sections 4, 8. IS and IA of the
surance Company of Kent County,
Chapter lis, passed by the General
Assembly of Maryland at the Decem-
Der Session, A. p. 1885,, and amended ,s
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and the same are hereby repealed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
all promissory notes. notes of hand,
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
Section 8. At the end of each calen-
dar year, or earlier, at the option OF
the 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 sufh-
cient to pay the losses and expenses
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
their proportionate part of such de-
fciency. their proportionate part of
such losses and expenses, and shall
give notice of the same to such policy
holders, and upon their failure to pay
the same sixty days from the time of
such notice being issued. said directors
shall proceed to collect the same by
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 its
premium notes without making an
assessment upon its premium notes as
heretofore provided for.
Sections Is 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
Z 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.