The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1906-05-04
CHAPTER 81.

An Act to repeal Sections I. q. l. and
IA of the Acts of the General As
sembIv Of Maryland. Chapter ilN,
passed by the General Assembly OF
MARYLAND. al the December Session.
lS45. as amended by the Act of the
said Assembly. passed at the lanu
AIRY Session. ISIS Chapter 81. and
to Fe-enaCt the same with amend
menls to be- known as I. and u.
relating To The obtaining aud filing
OF judgments on the premium notes
aud To methods of assessments.
Whereas. II j. represented 10 the
General Assembly that the members
Of the Mutual Fire Insurance Com
pany OF Kent county. ~ a meeting
called In accordance with the eighth
section Of It's charter. determined
that il Is desirable for the company
and for the community 60 have its
charter amended. therefore b. IL IN
acted by the General Assembly 81
MARYLAND. that Sections T. E. I3 aHd
"a of the Act 10 inCorporat" th. Ma
tual Fire Insurance Company u Kent
County. Chapter lis. passed by the
General Assembly OF MaTy land At the
December Session. 4 - lS4S and
amended hy the Act Of said General
Assembly. Chapter I'll January Sos
sion. 1855. &c and the same are here
by repealed. amended and T,AsuaCted
% IS 70 read As follows
Sec 4 And te IL enacted. that an
PTomisSoTY note notes al hand or
other evidence of debt held hy the
said company. which have been Eitsn
and may hereafter 3" given thereto
Tor premiums al insurance. shall ~
liable Tor all losses aud expenses u
the company. and uion the faliars at
the makers of the same to pss such
notes. either Ia whole or 10 part. ns
may be demanded by the president
and directors 81 the company. the
grs sident and directors 81 th., run,
AMI may proceed tn collect he slfss,
~ due process 81 laW
Sec = At the end III each Cll.n
dar wear. or caller. AZ the option az
the board OF directors. IL shall - tn.
iuty u the said board II directors 10
ascertain whether or not Ihr iRcomt.
81 the company has been sutaCirut Ia
pay the losses and expenses - tn
company. and In the event that thu
losses and expenses OF the company
have exceeded the income and sur.
plms fund OF said company. aud one
per cent al the premium notes held
By the COMPANY then the directors
shall shall assess npon sii property
holders whose nolicicS aT,- more than
ans year old lot having Sufficient t0
he credit % their policies To meet
ths ir proportionate part of such def
cheney. their proportionate part ~
snch losses and expenses. aud shall
give notice al tn. same To such policy
holders aud upon their failure 10 paw
the same sixty DAYS from the time ~
such notice being ISSUED. said difec-
tors shall proceed 10 collect the same
by due process 81 Law. hut the direc-
tors shall not allow at any time the
losss and expenses % 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 its premium
notes as heretofore provided for
Secs. - and Il. And be- II enact,
ed. That in all cases where property
may be insured under this Act. WHERE
an assessment upon any policy OF the
company has been made. after due no
tice has been given. the party insur-
ed shall have sixty days tO pay such
assessment, and after the expiration
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 ASSIGNMENTS have
been fully paid. bat such payment at
ter 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 oe-
eur during the time of such default
under any Of the policies of the said
policy holder or holders
4 nurnNad Eah y lana