Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08
No. &c. Al Published July /, 1907.
CHAPTER 457.- LAWS or 1907.

No. &c Al Published July I, 1907.
CHAPTER 457, LAWS or 1907.
AN ACT to amend section 1885 Of the
statutes, relating to town mutual hre IN
surance companies.
The people of the State of Wisconsin. repre-
scented In Senate and Assembly. do enact
as follows
Section l. Section 1885 of the statutes
is amended to read Section 1885. When
ever the amount of any loss SO ascertalned
shall exceed the amount OF the cash funds
of the corporation the president shall CON
Vene the board of directors. who shall make
an assessment upon all property insured
by it in proportion TO the amount thereof
and the rate under which it may have heen
classified. sufficient at least to pay such
loss provided that such board may assess
up to three and half mills even II Such
loss should not require such an amount, ana
when such assessment shall have been com
pleted the secretary shall Immediately IN
sert a notice in one o. more newspapers
printed in the county Or counties where
such a corporation is doing business, stating
therein the time when such assessment was
levied and the time when the same pc
comes due, such notice together Wl(h the
proof of the publication thereof snail De
conclusive evidence Of notice of such assess
ment to every member of the corporation;
the secretary shall also notify every Such
member and the mortgage or mortgages
to whom the insurance of any such member
may be made payable by letter or postal
card sent to his usual poStothce ADDRESS,
of the amount Of such loss and the sum due
him from his as his share thereof, and the
time when and to whom payment thereon
Is 10 be made which time shall not be
less than thirty nor more than sixty days
from the date of such notice. The treas
urer or person designated to receive such
money may demand and receive two per
cent in addition to the amount Of each
such assessment for his fees in receiving
and paving over the same. Such assess
ment when collected shall be paid to the
person entitled thereto according to the
terms of the policy issued to him provided
that if any loss shall occur during the first
eight months in any year the board OF d.
rectOrs at the time of making the assess
ment therefor may borrow money sufficient
TO pay the same at a rate or interest not
exceeding eight per cent. and shall therein
include such interest in the assessment and
direct the payment OF such assessment to
be made not later than the thirty-frst day
of December next following. Every member
who shall neglect or refuse to pay such
assessment at the time specified in the no.
tice sent to him, shall pay to such corpora
ton d fine OF two per cent. Of the amount
Of such assessment for each week or part
thereof during which the same shall remain
unpaid, and no payment shall be made by
any company upon the policy. OF any mem
Der hereafter written, who shall sustain n
loss il such member at the time Of such
loss shall be in default and shall have neg
lectpd or refused to pay such assessment
at the expiration of thirty days from the
time specified In said notice sent to him.
Approved June 90, 1907.