Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1906-05-17
CHAPTER 81.

An Act to repeal Sections 4. 3, L. and
IL Of the Acts of the General AS
sembly Of Maryland, Chapter lis,
passed by the General Assembly Of
Maryland, at the December Session.
ISi5, as amended by the Act of the
said Assembly, passed at the Janu-
airy Session. 1883. Chapter 81, and
to re-enact the same with amend
ments TO be- known as 4. . and l3.
relating to the obtaining and filing
Of judgments on the premium notes
and To methods of assessments
Whereas. u Is represented To the
General Assembly that the members
OF the Mutual Fire Insurance Com
pany Of Kent county, at a meeting
called in accordance with the eighth
section OF its charter. determined
that u Is desirable for the company
and for the community To have its
charter amended: therefore be 10 en-
acted by the General Assembly Of
Maryland. that Sections 4 y. IL aud
u 0f the Act To incorporate the Mi
tual Fire Insurance Company Of Kent
County. Chapter lis. passed by the
General Assembly of Maryland. at the
December Session, A. D.. lS45. and
amended by the Act of said General
Assembly. Chapter 81. January SEES
sion. 1888. tie and the same are here
by repealed. amended and re- enacted,
81 az To read as follows:
Sec. 4. And he 10 enacted, that all
pIOmissory notes, notes of hand. or
other evidence al debt held by the
said company, which have been given
and may hereafter be given thereto
| FOR premiums Of insurance, shall he
/ liable for all losses and expenses of
the company, and upon the failure Of
the makers Of the same la pay such
notes. either in whole or in part. as
may be demanded by the president
and directors Of the company. the
resident and directors OF the com
ianl may proceed To- collect the same
by due process Of law.
! Sec. y. Al the end of each calen-
dar year. ar caller. at the option Of
the hoard Of directors. il shall he thu.
inIH al The said board Of directors to
ascertain whether or not the income
"i The company has Geen sufficient tn
pay the losses aud expenses of tn.
company. and In the event that the
losses and expenses of the company
nave exceeded the income and sur
pms lund of said company. aud one
per cent. al the premium notes held
10y The company. then the directors
ShaII shaIl assess upon all property
h"derS whose policies are more than
enc year old. not having sufficient tn
The credit of their policies to meet
| 'nelr propoTlionate part of such def.
cheney, their prOpOrtiOnate part of
such losses and expenses. and shall
give notice Of the same To such policy
MI hne, f,sl
the same sixty days from the time of
such notice being issued said direc.
tors shall proceed to collect the same
by due process of law. But the direc-
tors shall not allow at any time the
losse 5 and expenses of the companv
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.
| Sees. - and Il. And be IL 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
he 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 af-
ter default shall reinstate the policy
or policies only from the time OF such
payment. and the company shall not
he 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 Feb 81 1905