The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1909-07-29

1941-12 of the statutes, and to repeal
sections 1913, 1915, 1041--S, and
l941-1G of the statutes relat- ng to city
and village mutual fire insurance com
par les
The paop.e OF the State of Wisconsin, rep
resented in Senate and Assembly, do Ell
act as follows:
Secti0n / Sections 1G41--2, 1941--I.
1941-7, 1941-9, 1941-10, 1941--11, and
1941--12 of the statutes amended to
read: Section 19412. Unless other
wise provided by the constitution OF by
laws of any city and village mutual fire
insurance compsny, the rtctors, Gubse
quent to the frt board. shall be chos n
by Lallot at the annual meeting. which
snail be held on .Ae tL1rd
Monday of January Of each year, unless
some other day be fixed t.er for by
majority of the votes of such corporation.
Every person issired sail lave one vote
at such election and the transaction Of
all other business, except as otherwise
provided by law, may be determin viva
voce or by ballot as the by avs or other
ru es and regulations prescribe s.
MO gerso na sa 0s sb. ex tbd
Section l94l-5. Such corporations may
insure property loca ed any
where in this state but in no case shall
any single r.sk exceed fifteen
cept that any such corporation having
sur lus may In ure sin lie risk in an
amount not exceeding one eighth OF one
per centum of tie insurance. in force, nor
ten pr centuln OF he rplus, nor to x
coed three thousand dollars on any single
risk. No policy shall be issued for term
Of more than three years
Section 1941-9. Whenever the amount
of my loss shall exceed the
amount of the cash funds Of the corpora
ton, the president, or In his absence, the
vice-presidtnt shall convene the board Of
directors. who shall make an assessment
iTC In
to the amount thereof and the rate under
which It may have been classified. suffi.
c1ent at least to pay such loss provided
that such board may assess up to four
such an amount Whenever such ASSESS
ment shall have been compile ed the secre-
tary shall Immediately cause to be pub
tlshed for three constc tive weeks In such
or village, II any, In which the Office Of
such company Is located. otherwise in such
newspaper printed within the county as
the board Of directors may designate, q
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
rectors may. for the purpose Of paying
losses within the limit hereinafter spPci-
ne0, borrow sum not exceeding Onefourth
of the premium and interest income Of the
not exceeding SIX months at q rate Of in
terest not exceeding seven per cent, and
may. on or before the maturity Of such
loan. levy assessment upon the members
at the time of the making of such 'oan,
for the payment of the same and interest.
No such loan shall be renewed. Within
thirty days after the levying Of
such assessment the secretary shall 1tify
every member by letter or postal card sent
to the usual postoftice address, of the
amount OF such assessment, and the sum
due 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 within the
time specified in the notice sent him, his
policy shall be null and void until such
assessment is paid. and also his pro rata
be levied during the suspension of the
policy on account of the non-payment Of
a previous assessment.
Section 1941-1O. An action at law
may be brought against any member of
such corporation who shall refuse or neg
lect to pay any assessment made upon
his Insured pronerty and the directors of
any such corporation who shall willfully
neglect or refuse for thirty days to per-
form the duties imposed upon them by
section 1919 shall be Jointly
and severally liable in their individual ca
pasity t to the persons sustaining such Loss loss
may be cancelled as provided In section
1912. upon the payment by such men,
Der Of his portion Of all the liabilities out
standing at the time of such cancellat on,
and the liability on the part of such mem
Der on such policy shall cease.
Section 1941-11. Any policy
secretary of every such corpo-
ration shall, on or before the first day Of
February In each year. make
such report rs may
be required by the commission
er Of insurance.
Section g Section 1941-3, 1941-6,
1e41--S and 1941--13 of the statutes are
hereby repealed.
Approved June 16, 1909.