Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-08

I9H-12 If the statutes and 20 repeal
-. ons l94l-5. 1G4l--6. 1918, and
l91i-l" Of the statutes relating TO city
aAc village mutual fire insurance COM
The peoD.e Of the state OF Wisconsin,. rep
resented in Saaate and Assembly. do en-.
act as follows
Section !. Sections 1911. 194l--5.
1911, 1917. 1941--10, Io4l--11. and
l"+ IL Of the statutes are amended TO
read section I941-2- Unless other
wise pIoFiued ny TIE constitution or by
laws OF any CITY and village mutual fire
insurance company. the directors. subse-
quent TO the hrt board shall be chosen
~ ballot at the annual meeting which
sHaII De held on the third
MONDAY OF January of each year, unless
some otAeE day he fixed t'er'Ior by
majority OF the votes of such corporation.
Every person / s red sail lave one vote
at such election and the transaction OF
all other business, except otherwise
provided Dy law, may lie determin, viva
Foce or by ballot as the by avs or other
Iu4eS ana regulations prescribe.
No person s.a vote pix except
women, and 70 person shall cast more than
one pr-Xy vote
insure Pr0ne"tv located any
where in this state. but in no case shall
any Single rsk exceed fifteen
hundred dollars $1,000. ex-
cep- tnat any such corporation having q
suraIus may in ure a sin lie risk in an
amount not exceeding one eighth of one
per centum Of tie insurance in force, nor
ten Dgr cenrum OF The rplus, nor to *
ceed three thousand dollars on any single
risk. no policy shall be issued for a term
Of more than three years
Section 1919. Whenever the amount
Of ny loss shall exceed the
amount OF the cash funds of the corpora
uon, the president, or in his absence, the
E!ce-preSidt Mt shall convene the board of
directors, who shall make an assessment
upon all property insured in proporfi n
10 tue amount thereof and the rate under
Whicn II may have been classified suffi-
Gent at least TO pay such loss; provided
thaI such BOARD may assess up TO four
mills even II such loss should not require
such an amount. Whenever such assess
menf shall have been completed the secre-
Larry snail Immediately cause to be pub
HShe1 Tor three consecutive weeks in such
weekly newspaper, printed within the city
or village, If any, In which the office OF
buch company is located, otherwise in such
newspaper printed within the county as
the board OF directors may designate,
notice stating the time when such assess
ment was levied and the time when
the same becomes due; said notice, tOgeth-
er with the proof of the Publication there
Of shall be conclusive evidence of notice
of such assessment. Or the di-
rectoTs may. for the purpose Of paying
losses within the limit hereinafter speCi-
ued, borrow sum not exceeding opefourth
OF the premium and interest income of the
company 1Gr the preceding year for a time
lOi exceeding months at a rate of in
may on or before the maturity Of such
loan, levy an assessment upon the members
at the ClIne Of the making of Such 'oon,
Tor the payment Of the same and interest.
Nc such loan shall be renewed. Within
thirty days after the lavying of
such assessment the secretary shall notify
every member by letter or postal card sent
to the usual postoffice address, of the
amount Of such assessment, and the sum
dNe from him as his share thereof, and the
time within which and to whom payment
IS TO be made. which time shall not be less
than thirty nor more than
sixty days from the date of such notice.
If the assured neglect to make
payment OF any assessment with Z the
time specified in the notice sent h N, his
policy shall be null and void until such
assessment is paid, and also his pro rata
share OF all other assessments which may
be levied during the suspension of the
a previous assessment
Section 1941-1O. An action at law
may be brought against any member 81
such corporation who shall refuse or neg
mis- insured pronerty and the directors Of
any such corporation who shall wtSfully
neglect or refuse for thirty days to per
form the duties imposed upon them by
section 194I--9 shall be Jointly
and seVerally liable In their individual ca
paCity TO the persons sustaining such loss
Section 1941--11. Amy policy
may be cancelled as provided in section
I941-5Z, upon the payment by such mem
Der Of his portion Of ali the liabilities out
standing At the time Of such cancellation,
and the liability on the part of such mem
Der on such policy shall cease.
Section l941-11 ANY policy
secretary OF every such corpo-
ration shall, on or before the first day Of
February in each year make
SUCH report as may
be required by the commission
er OF insurance
Section 2 Section 1941-8, 1041-6.
ND Of +ba
hereby revealed
Approved June I6, 1909.