River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1909-07-15


1941-12 IF the statutes, and to repeal
sections 194l-3 1915, l941-S, and
lo41--I3 OF the statutes relating to city
and village mutual fire insurance COM
panies.
The people Of the state of Wisconsin, rep
resented Ia Senate and Assembly, do en-.
act as follows
Section l. Sections 1s4l--2. 1913.
1941--7, 1911. 1041-10, 1941-11, and
194l-12 of the statutes are amended to
read Section 1941-2 Unless other
wise provided by the constitution or 1y-
laws of any city and village mutual fire
insurance company. the directors, subse-
quent to the first board. shall be chosen
by ballot at the annual meeting which
Monday Of January of each year, unless
some other day be fixed therefor by
majority of the votes OF such corporation.
Every person insured snail nave one vote
all other business, except as otherwise
provided by law, may be determined viva
voce or by ballot as the bylaws or other
rules and regulations prescribe.
no person shall vote proxy except
women, and no person shall cast more than
one proxy vote.
Section 1941-5. Such corporations may
insure property located any
where in this state but in no case shall
any single risk exceed fifteen
hundred dollars fS1,500), ex
cept that any such corporation having
surplus may insure a single risk in an
amount not exceeding one eighth of one
per centum of the insurance In force, nor
ten per centum of the surplus nor to ex-
coed three thousand dollars on any single
risk No policy shall be issued for term
Oh more than three years.
Section 1919. Whenever the amount
Of fos tba sna te Exceed 1ae
ton, the president, or In his absence, the
ylce-president shall convene the board of
directors, who shall make an assessment
upon all property insured in proportion
nd fhn rot nd
which it may have been classified, sufi-
Gent at least to pay such loss; provided
tnat such board may assess up to four
mllis even If such loss should not require
such an amount. Whenever such assess
ment shall have been completed the secre-
tary shall Immediately cause to be pub
nsned Tor three consecutive weeks in such
weekly newspaper, printed within the city
or village, If any, In which the Office of
such company Is located, otherwise in such
newspaper printed within the county as
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 such assessment. Or the di-
rectors may, for the purpose of paying
losses within the limit hereinafter. speci-
fed, borrow d sum not exceeding one-fourth
of the premium and interest income of the
company for the preceding year for a time
not exceeding six months at a rate of in
terest not exceeding seven per cent, and
may, on or before the maturity Of such
loan, levy an assessment upon the members
at the time of the making of such loan,
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 notify
every member by letter or postal card sent
to the usual postoffce 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
share of all other assessments which may
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 prouerty and the directors of
any such corporation who shall wiAfully
neglect or refuse for thirty days to per-
form the duties imposed upon them by:
section 1912 shall be Jointly
and geverally liable In their Individual ca
Section 194f-11. Any policy
may be cancelled as provided III section
l9AI---OG, upon Inc payment py Sucn MEM
Der of his portion Of all 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
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 1941-3, 1915,
1941-8 and 1941-13 Of the statutes are
hereby repealed.
Approved June 10, 1905