Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1909-08-13

1941-12 of the statutes, and to repeal
sections 1918, 1941--6, i941-8, and
19Il-l3 Of the statues reiat.ng to city
and village mutual fire Insurance COM
panies.
The people Of the State of Wisconsin,, rep
resented iii Senate and Assembly, 60 e..
act as follows:
section l. Sections 1941--2. 1941-5.
la41-7, 194i--4, 1941-10, 1941-11. and
1941-12 OF the Statutes are amended 10
read Section 1911 Unless other
wise provided by the constitution OF by
laws OF any city and village mutual fire
insurance company, the directors subse-
qGent to the first board, shall be chosen
by ballot at the annual meeting which
shall be held on the third
Monday OF January of each year, unless
majority OF the votes of such corporation
Every person insared shall nave one vote
at such election; and the transaction Of
all other business, except as otherwise
provided by law, may be determined viva
voce or by ballot as the bylaws 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
any single risk exceed fifteen
hundred dollars ($1,500), - ex-
cept that any such corporation having
surplus may insure single risk In an
per centum of the insurance in force, nor
ten per centnm of the surplus, nor to ex-
coed three thousand dollars on any single
risk No policy shall be issued for a term
OF more than three years.
Section 1941-9. Whenever the amount
of any loss shall exceed the
ton, the president, or in his absence, the
vice-president shall convene the board Of
directors, who shall make an assessment
upon all property insured in proportion
fhA &L4 80
which it may have been classified, sufi-
Gent at least to pay such loss; provided
that such board may assess up to four
mills even II such loss should not require
ment shall have been completed the secre-
tary shall Immediately cause to be pub
lshed for three consecutive weeks in such
or village, il 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, t6geth-
er with the proof of the publica ton there
OF such assessment. Or the di-
rectors may, for the purpose of paying
losses within the limit hereinafter speci-
he'd, borrow sum not exceeding one-fourth
OF the premium and interest income Of the
company for the preceding year for time
not exceeding six months at a rate of in
tCICSI uOI SACeEuIuS seven per CENT, anu
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.
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
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
previous assessment
Section 1941-1O. An action at lew
may be brought against any member of
such corporation who shall refuse or neg
his insured property. and the directors Of
any such corporation who shall willfully
neglect or refuse for thirty days to per
section 1919 shall be Jointly
and severally liable in their individual
pasty to the such na Nss
may be cancelled as provided in section
1912, upon the payment by such 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.
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 as may
be required by the commission
er of insurance.
Section 2. Section 1941-s, 1941-e,
1941-s and 1941--13 Of the statutes are
hereby repealed
Approved June 16, 1909.